EUR/USD key resistance at 1.0780, bearish in the short term
The EUR/USD is trading around 1.0716 level, having reached as low as 1.0672 in early American hours, The pair continues to remain in bearish tone, despite the euro gaining some ground against greenback in late American trading hours, earlier in US market the pair declined to hit low around 1.0676 shedding almost 50 pips before recovering some ground to close above 1.0700 levels. Currently the pair is currently trading around 1.0715 levels with oversold condition and a recovery towards 1.0760 levels can be expected.
Technically, the 55, 30, 20 MA are depicting towards downwards, The Relative Strength index (RSI) is pointing towards downside at 35.Overall the technical indicators are indicating strong bearish trend for this pair.
To the upside, the strong resistance can be seen at 1.0782, a break above this level would expose the cable to next resistance level at 1.0833 levels.
To the downside strong support can be seen at 1.0658, a break below at this level will open the door towards 1.0600 levels.
Recommendation: Go short around 1.0760/1.0740, targets around 1.0650/1.0600, SL 1.0800
Support levels: 1.0782 1.0833 1.0883
Resistance levels: 1.0700 1.0658 1.0611
Technically, the 55, 30, 20 MA are depicting towards downwards, The Relative Strength index (RSI) is pointing towards downside at 35.Overall the technical indicators are indicating strong bearish trend for this pair.
To the upside, the strong resistance can be seen at 1.0782, a break above this level would expose the cable to next resistance level at 1.0833 levels.
To the downside strong support can be seen at 1.0658, a break below at this level will open the door towards 1.0600 levels.
Recommendation: Go short around 1.0760/1.0740, targets around 1.0650/1.0600, SL 1.0800
Support levels: 1.0782 1.0833 1.0883
Resistance levels: 1.0700 1.0658 1.0611