On the daily chart, the pair is correcting down as it broke out the upper MA of Bollinger Bands earlier. The price remains above its moving averages that turned up. The RSI failed the border of the overbought zone and falling. The Composite failed its strong resistance it cannot overcome since November and falling as well.

EUR/USD: technical analysis


On the 4-hour chart, the pair is trading just above the middle MA of Bollinger Bands. The price remains above its moving averages that are directed up. The RSI is testing its longer MA, while the Composite broke down its MA’s and turned sideways. MA’s for both indicators suggest some weakness of the market.

EUR/USD: technical analysis

Key levels

Support levels: 1.1064 (local lows), 1.0992 (EMA130, December highs), 1.0912 (active trade, upper border of a descending channel).

Resistance levels: 1.1246 (local highs), 1.1287 (active trade), 1.1351 (November highs).

Trading tips

Short positions can be opened from the level of 1.1060 with the target at 1.0992 and stop-loss at 1.1101. Validity – 1-2 days.

Long positions can be opened from the level of 1.1251 with the target at 1.1341 and stop-loss at 1.1209. Validity – 1-2 days.

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

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