Should EUR/USD be bought?
Updated
Dear traders!
EUR/USD edged up in a slight recovery after falling to 1.0670 last Friday. The new trading week is starting with risk appetite pushed higher, sending the US Dollar lower and strengthening the Euro as investors head into a relatively quiet Tuesday.
In the near term and according to the 4-hour chart, risks are increasingly turning to the downside. EUR/USD develops above the EMA level, nonetheless maintaining a downtrend. EMA 34 and 89 also point south above current levels. Finally, technical indicators lost their upward strength after testing the midline and slowly turned south, in line with another leg to the downside.
Support levels: 1.0710 1.0665 1.0620
Resistance: 1.0760 1.0810 1.0840
EUR/USD edged up in a slight recovery after falling to 1.0670 last Friday. The new trading week is starting with risk appetite pushed higher, sending the US Dollar lower and strengthening the Euro as investors head into a relatively quiet Tuesday.
In the near term and according to the 4-hour chart, risks are increasingly turning to the downside. EUR/USD develops above the EMA level, nonetheless maintaining a downtrend. EMA 34 and 89 also point south above current levels. Finally, technical indicators lost their upward strength after testing the midline and slowly turned south, in line with another leg to the downside.
Support levels: 1.0710 1.0665 1.0620
Resistance: 1.0760 1.0810 1.0840
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