ByLCMS Traders FX Analysis Team
MAY 10, 2021
EUR/USD ended the last week on the higher side and is currently hovering around the trend line resistance area near 1.2157. The 1.2175 is acting as a major resistance area while intraday support levels are at 1.2145 and 1.215.
On the intraday charts, the pair is strongly bullish, however, a breakout above 1.2175 would be needed for the bulls to carry on the momentum. The SMA-14 is indicating support at 1.2074 and the SMA-50 is showing support at 1.1984. The pair is also above the mid-Bollinger band while RSI is at 63 and still away from an absolute oversold zone. Considering the intraday charts, a buy entry is ideal only if the pair closes above 1.2175 on the 4 hourly charts. The target would be 50 to 70 pips with a stop-loss at 1.214
An intraday closing above 1.2200 would further strengthen the bulls and help them rise further. On the downside bears require price action below 1.2070 to get back into the game.
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