Today we would take a look at the EUR/USD currency pair, which has seen some changes lately. There are two ways we can approach this pair today, we can either go long or short, depending on each trader’s preference.
First of all, if you would like to look for buy opportunities on the EUR/USD, then you need to look for a fixing of the price above 1.1776, which happens to be an important resistance level for the pair. If this level is overcome, then the price can rise further to touch the other resistances at 1.1817, and even 1.1854 (where you can place your T/P orders). However, it is possible that the euro would struggle and fail to take on the 1.1776 resistance. In this case it would be helpful to expect a downward rebound to 1.1684.
On the other hand, if you are interested in selling the pair, there must definitely be a return to the support at 1.1776, with a further decline to the lower support at 1.1727 and even lower down at 1.1684. If the pair drops that low, we can talk about the resumption of the downward trend on the EUR/USD.
As of the moment of this article’s publication the EUR/USD is trading around 1.1793, above the pivot point. Technical indicators give us mixed signals, though most of them seem to slightly favor selling the pair.
