EUR/USD trades in a narrow range after forming a minor top at 1.16676. It hits an intraday low of 1.16430 and is currently trading around 1.16433. Intraday trend remains neutral as long as resistance 1.1670 holds.
The pair is holding above the 55 EMA, below the 200 EMA, and the 365 EMA in the 4-hour chart. Near-term resistance is seen at 1.1670; a break above this may push the pair to targets of 1.1700/1.1765/1800/1.1835/1.1850/1.1920. On the downside, support is seen at 1.15750; any violation below will drag the pair to 1.1540/1.1480/1.1435.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Bullish
Average Directional Movement Index (ADX) - Bullish
It is good to buy on dips around 1.1620 with a stop-loss at 1.1570 for a target price of 1.1765.
3
