EUR/USD: Between the Levels of 1.1430 and 1.1340
After reaching the level of 1.1430 last week, the pair EUR/USD has been declining for the third day in a row. Strong US macro-economic data released last Friday caused the rise in the USD against major counterparts, including the pair EUR/USD.
The price is at support level of 1.1340 (highs of February and March).
On 4-hour chart the indicators OsMA and Stochastic are reversing towards the short positions and the moving with the periods 5-7-13 shows SELL signal.
On the daily chart the indicators are also reversing towards the short positions.
If the price consolidates below the level of 1.1285 (Fibonacci 23.6% to the last wave of decline from the highs of 2014) the pair will go down to support levels of 1.1185 (ЕМА200 on 4-hour chart) and 1.1140 (ЕМА200 on the daily chart).
If the price goes above the level of 1.1430 a scenario of decline will be cancelled and the pair EUR/USD will go up to the levels of 1.1700, 1.1785 (Fibonacci 38.2%) and 1.1900 (ЕМА144 on the weekly chart).
Support levels: 1.1340, 1.1285, 1.1185, 1.1140 and 1.1100.
Resistance levels: 1.1375, 1.1430 and 1.1460.
Trading tips
Sell Stop: 1.1320. Stop-Loss: 1.1360. Targets: 1.1285, 1.1185, 1.1140, 1.1100 and 1.1050.
Buy Stop: 1.1380. Stop-Loss: 1.1330. Targets: 1.1460, 1.1500, 1.1600 and 1.1700.
The material has been provided by LiteForex - Finance Services Company - www.liteforex.com
