EUR/USD Under Pressure for Sells
Updated
EUR/USD extended its decline and retested the 1.0980 support area at Friday. The intraday bias remains neutral first and some recovery could be seen.
A major bearish trend line is forming with resistance near 1.1045 on the 4-hours chart. Besides, the pair settled below 1.1040, the 100-day and the 50-day SMAs on the chart. So, we're expecting the sellers to return soon.On the downside, break of 1.0981 will extend the decline from 1.1175 to retest 1.0879 bottom.
In other case, a successful close above 1.1050 is needed for a fresh increase towards the 1.1100 resistance area where is our first bullish TP. However, break of 1.1097 will dampen our bearish view and bring stronger rise back to 1.1175.
A major bearish trend line is forming with resistance near 1.1045 on the 4-hours chart. Besides, the pair settled below 1.1040, the 100-day and the 50-day SMAs on the chart. So, we're expecting the sellers to return soon.On the downside, break of 1.0981 will extend the decline from 1.1175 to retest 1.0879 bottom.
In other case, a successful close above 1.1050 is needed for a fresh increase towards the 1.1100 resistance area where is our first bullish TP. However, break of 1.1097 will dampen our bearish view and bring stronger rise back to 1.1175.
Trade closed: target reached
Our bullish scenario happened and the TP at 1.1100 was hit.
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