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EUR/USD Moves Lower From the Asian High

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EUR/USD Moves Lower From the Asian High

ByLCMS Traders FX Analysis Team

 JUL 26, 2021

EUR/USD is moving within the narrow trading range on the first day of the new week. The pair is currently trading at 1.1774 after hitting a high of 1.18003 in the Asian session. The immediate support levels are at 1.1755 and 1.1736. The intraday resistance levels are at 1.1800 and 1.1825.

On the intraday charts, the current price is near the SMA-50 (1.1804) resistance line while the SMA-50 is indicating resistance at 1.1991. The RSI is at 36 and the MACD is below the middle line and indicates a bearish trajectory. The pair is also keeping below the mid-Bollinger band (1.1820) while the upper and lower bands are at 1.1893 and 1.1742 respectively. The intraday price pattern appears bearish and a break below 1.1750 (Fibo 50% level) is likely to extend the downside which makes the pair ideal for selling entries using the following levels

Direction: Sell

Entry: 1.1795

Take Profit: 1.1730

Stop-Loss: 1.1828

An intraday closing below 1.1730 is needed for the bears to extend the downside failing to achieve that likely to help the bulls build a recovery pattern and move past the 1.1800 resistance zone.

EUR/USD Moves Lower From the Asian High

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