EUR/USD: Sell Opportunity? Why The Current Calm May Turn To A Fresh Downfall

EUR/USD Technical Analysis

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Euro/dollar is suffering from downside momentum on the four-hour chart and is trading below the 50, 100 and 200 Simple Moving Averages. The Relative Strengh Index is just above 30, outside oversold conditions and implying further falls are on the cards.

Support awaits at the new 2021 trough of 1.1760, followed closely by 1.1745, a cushion from November. Further down, 1.1695 and 1.16 may come into play.

Resistance is at 1.18, the round number that previously supported EUR/USD, and then by 1.1845, which was a low point in early March. Further above, 1.1875 and 1.1905 are eyed.

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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk ...

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