Source: PaxForex Premium Analytics Portal, Technical Insight
The EUR/USD pair has dropped marginally after printing a day’s high at 0.9853 in the Tokyo session. After a juggernaut rally, the shared currency bulls are facing a corrective move as the US dollar index (DXY) has attempted a rebound move. Meanwhile, positive risk sentiment is still elevated as S&P500 is solid with recent gains.
EUR/USD,D1
Pivot: 0.9839
Analysis:
While the price is below 0.9950, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.9839
- Take Profit 1: 0.9565
- Take Profit 2: 0.9400
Alternative scenario:
If the level 0.9950 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.9950
- Take Profit 1: 1.0200
- Take Profit 2: 1.0370
Comment:
RSI shows the development of a downtrend in the medium term.
| Resistance | Support |
| 1.0370 | 0.9565 |
| 1.0200 | 0.9400 |
| 0.9950 | 0.9300 |
