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The euro is trading around 1.1414, below the 21-day simple moving average (SMA) on the daily chart, and is pulling back after encountering strong resistance around the 6/8 Murray level.
Last week, the euro reached a high of 1.1482 and, from that level, has been pulling back to trade below the 21-day simple moving average (SMA). Therefore, we believe the downward pressure could persist, with the first target potentially at the 61.8% Fibonacci retracement level. Ultimately, we expect it to find solid support around 1.1352, near the 5/8 Murray level.
The Eagle indicator on the daily chart is showing a negative signal, so we will look for selling opportunities in the coming days. If the price consolidates below 1.1421, we could expect it to continue falling to 1.1352 and, ultimately, to the June 23 low around 1.1330.
A decisive break above the 6/8 Murray level and consolidation above this zone could trigger a strong upward move for the euro. EUR/USD is expected to reach the 200 EMA, around 1.1578. Therefore, we should keep an eye on the 1.1474 area: above this area, we could buy, and below it, a technical trend reversal could occur.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
