ByLCMS Traders FX Analysis Team
JUN 3, 2021
EUR/USD is currently trading at 1.2185 as the bulls struggled to move past the 1.2250 resistance area. However, despite the decline the price pattern suggest a limited downside with intraday support levels at 1.2172 and 1.2155. The intraday resistance levels are at 1.2210 and 1.2255.
At the time of writing the pair is currently trading below the SMA-14 (1.22018) while the SMA-50 is indicating support at 1.2041. The mid-Bollinger band is at 1.2177 and the upper and lower bands are at 1.2269 and 1.2086 respectively. The RSI is above the neutral zone and the MACD is above the zero line as well. The current price is on the lower side of the ongoing trading range and appears to have multiple support areas around which makes the buy entries ideal at the following levels
Direction: Buy
Entry: 1.2165
Take Profit Range: 1.2210- 1.2235
Stop-Loss: 1.2140
An intraday closing above 1.220 would once again bring the bears back in the game and they would be in a better position to once again challenge the 1.2255 resistance area. On the downside, an intraday closing below 1.2120 would be ideal for bears to extend the downside.
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