Levels to trade EUR/USD

Levels to trade EUR/USD

The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance. On the D1, we see formation of lower highs this month. An attempt to get above the 50-day MA (1.1095) on Tuesday has failed. As a result, the pressure on the support at 1.1065 (100-day MA, 2019 support line) will intensify. The meeting of the European Central Bank this week may provide a market moving force.

The decline below 1.1060 will open the way down to 1.1040 and 1.1000. On the other hand, if the trend line support holds, a return above 1.11 may lead to a recovery to 1.1130. There, however, the 2020 resistance line and the 200-day MA should limit further growth.

Trade ideas

SELL 1.1060; TP 1.1000; SL 1.1080

BUY 1.1100; TP 1.1130; 1.1090

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