- 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 1.0900Support levels: 1.0800, 1.0776, 1.0740Resistance levels: 1.0840, 1.0876, 1.0900
The material has been provided by InstaForex Company – www.instaforex.com