EUR/USD key resistance at 1.0702, downside prevails in the short
The EUR/USD pair slipped towards lower levels in the US session, unable to inch higher beyond the 1.0660 level on broader weakness, to trade around 1.0621 levels. The pair rebounded towards 1.0655 after negative US data, but sellers stepped back and pushed the pair back to the 1.5620 price zone. The ongoing weakness for the pair is set to continue, as the pair remains well below its daily pivot point located at 1.0640.
Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope, the RSI is indicating towards downside at 40.
To the upside, the strong resistance can be seen at 1.0702, a break above this level would expose the pair to next resistance level at 1. 0762 levels.
To the downside strong support can be seen at 1.0590, a break below at this level will open the door towards next level at 1.0556.
Recommendation: Go short around 1.0660, targets around 1.0590/1.0540, SL 1.0740
Support levels: 1.0590, 1.0556, 1.0515
Resistance levels: 1.5658, 1.0702, 1. 0762
Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope, the RSI is indicating towards downside at 40.
To the upside, the strong resistance can be seen at 1.0702, a break above this level would expose the pair to next resistance level at 1. 0762 levels.
To the downside strong support can be seen at 1.0590, a break below at this level will open the door towards next level at 1.0556.
Recommendation: Go short around 1.0660, targets around 1.0590/1.0540, SL 1.0740
Support levels: 1.0590, 1.0556, 1.0515
Resistance levels: 1.5658, 1.0702, 1. 0762