Source: PaxForex Premium Analytics Portal, Technical Insight
EUR/USD grinds near an intraday high of 1.0743 as it bounces off a five-week-old horizontal support during early Tuesday in Europe. The major currency pair’s latest gains could also be linked to the oversold RSI (14).
EUR/USD,D1
Pivot: 1.0732
Analysis:
While the price is above 1.0700, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.0732
- Take Profit 1: 1.1000
- Take Profit 2: 1.1100
Alternative scenario:
If the level 1.0700 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.0700
- Take Profit 1: 1.0600
- Take Profit 2: 1.0500
Comment:
RSI shows the development of an uptrend in the medium term.
| Resistance | Support |
| 1.1200 | 1.0700 |
| 1.1100 | 1.0600 |
| 1.1000 | 1.0500 |
