EUR/USD Heads Towards A Lower Weekly Closing
ByLCMS Traders FX Analysis Team
JUL 23, 2021
EUR/USD is once again trading lower after briefly moving above the 1.1800 mark yesterday. Currently, the pair is trading at 1.1766 with immediate support levels at 1.2738 and 1.1719. The intraday resistance levels are at 1.1785 and 1.1824.
The pair’s intraday price pattern is bearish with SMA-14 indicating resistance at 1.1808 and SMA-50 showing resistance at 1.1998. The mid-Bollinger band is at 1.1828 while the upper and lower bands are at 1.1915 and 1.1740 respectively. The RSI is at 34 and the MACD is below the middle line and supportive of the bears. Considering the intraday price pattern and analyzing the nearby resistance zones the pair is ideal for selling entries using the following levels
Direction: Sell
Entry: 1.1790
Take Profit: 1.1735
Stop-Loss: 1.1832
An intraday closing below 1.1720 is needed for the bears to extend the downside towards 1.1600. On the upside, a weekly closing above 1.1830 would be ideal for the bulls to regain control.
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