EUR/USD Downwards Trajectory Continues

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 7, 2021

EUR/USD took a U-turn from 1.1895 and closed lower at 1.1822 on Tuesday. Currently, the pair is trading almost unchanged at 1.1822 with immediate support levels at 1.1800 and 1.1771. The intraday resistance levels are at 1.1866 and 1.1892.

Yesterday’s sharp decline has turned the intraday price pattern further bearish with SMA-14 indicating resistance at 1.1883 and the SMA-50 resistance line is at 1.2065. The RSI is at 30 and likely to enter a further bearish zone. The MACD is also indicating a further bearish trajectory well below the 1.1800 mark. With USD gaining strength and considering the intraday and 4-hourly price patterns, the pair is ideal for short entries at the below levels.

Direction: Sell

Entry: 1.1830

Take Profit: 1.1775

Stop-Loss: 1.1877

The 1.1800 mark might offer an intermediate halt however, a drop below 1.18000 would further strengthen the bears and the possibility of a drop towards 1.1720 would be higher. On the upside, bulls require an intraday closing above 1.1875 to get back into the game.