EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
EUR/USD: euro is on strong support
Technical levels: support – 1.1580; resistance – 1.1670.
- Buy — 1.1580; SL — 1.1560; TP1 — 1.1670; TP2 — 1.1730;
Reason: bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market is oversold and keep staying in a negative area, but there is a strong support on daily time frame.
EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800.
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