EUR/USD: Bear Market Zone
Yuri Papshev | Jul 09, 2021 08:59AM ET
At the time of publication of this article, the EUR/USD pair is traded near the 1.1856 mark, through which an important short-term support/resistance level passes. EUR/USD is in the bear market zone, and the breakdown of the short-term support level of 1.1832 will be a signal for the pair to resume selling.
In the alternative scenario and after consolidation in the zone above the level of 1.1856, further corrective growth to the resistance level 1.1930 should be expected.
The growth of EUR/USD into the zone above the resistance levels of 1.1968, 1.1980 will become a confirmation signal for the resumption of long positions.
At least, the technical indicators OsMA and Stochastic on the 1-hour, daily charts signal the likelihood of just such a scenario, and distant growth targets are located at resistance levels 1.2260, 1.2340, 1.2450, 1.2500, 1.2580 (Fibonacci level 61.8%), 1.2600.
h2 Trading Recommendations/h2Sell Stop 1.1830. Stop-Loss 1.1875. Take-Profit 1.1800, 1.1780, 1.1710, 1.1610
Buy Stop 1.1875. Stop-Loss 1.1830. Take-Profit 11.1930, 1.1968, 1.1980, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
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