The EUR/USD pair halted its rise on Tuesday, after global stock markets and crude oil price recovered. The pair initially rose towards 1.0873, before slipping back towards 1.0800 levels. The pair continues to remain in b…
The EUR/USD pair halted its rise on Tuesday, after global stock markets and crude oil price recovered. The pair initially rose towards 1.0873, before slipping back towards 1.0800 levels.
The pair continues to remain in bearish tone, despite the euro gaining some ground against greenback in the early European trading hours.
Technically short term picture depicts more bearish trend for this pair, as the RSI in the 4 hour chart is indicating downwards at 44, the 55 30 and 20 MA are also pointing towards downwards. Overall the technical indicators are depicting more downside for this pair.
To the upside, the strong resistance can be seen at 1. 0900, a break above this level would expose the pair to next resistance level at 1.0950 levels.
To the downside strong support can be seen at 1.0800, a break below at this level will open the door towards next level at 1.0776. Recommendation: Go short around 1.0840, targets around 1.0780/1.0740, SL 1.0900
