EUR/USD
The pair has been in a down trend from 1.3995. The pair broke the minor monthly support trend line and still trading below it. It is travelling towards the major support zone between 1.35 and 1.347. We expect next round of panic selling will take place below 1.3460 for 1.3370 (50-month SMA), 1.33, 1.32/1.3195 and 1.28 levels. The momentum indicators are driving in a negative direction and the monthly momentum oscillators completely favor selling the rally mode. This view will valid with sl 1.3735.
In the weekly chart, the pair chopped the 50-week moving average and still trading far below it. Until the pair breaches the 1.3677 levels, it can travel to the downside to 1.35, 1.3477 and 1.3415 levels initially. The level of 1.3415 is a crucial level for bulls to hold and close above this. The 200-week EMA and the rising wedge pattern support trend line at 1.3415, if the week is closed below it, we expect to see hard battle within next few weeks.
For intraday basis, the pair has been consolidating at 1.3520 levels, below this, it can look at 1.35, 1.3477, 1.3460 and 1.3415 levels. On the upside, the pair has resistance at 1.3560 and 1.36 levels. If it trades above 1.36, it can fly up to 1.3670 and 1.3680 levels.
Recommendations-
Buy above 1.3605.
The material has been provided by InstaForex Company - www.instaforex.com
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