Source: PaxForex Premium Analytics Portal, Technical Insight
The EUR/USD pair could accelerate a drawdown below 1.0950 in the near term, UOB Group currency strategists suggested.
EUR/USD,D1
Pivot: 1.0995
Analysis:
While the price is below 1.1110, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.0995
- Take Profit 1: 1.0800
- Take Profit 2: 1.0700
Alternative scenario:
If the level 1.1110 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1110
- Take Profit 1: 1.1500
- Take Profit 2: 1.1650
Comment:
RSI shows the development of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.1665 | 1.1110 |
| 1.1500 | 1.0800 |
| 1.1110 | 1.0700 |
