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FBS

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EUR/USD: the downtrend has resumed

During yesterday's trading the Eurodollar unsuccessfully tested again the 1.1170 resistance. The frustrated bulls had left the market resulting in strong short sales of the currency pair. During the day the major Forex currency pair had lost more than one figure and went to the negative zone on the H4- timeframe. Tenkan-Sen and Kijun-Sen narrowed the channel and the gold cross will be canceled so soon. Therefore in the near future we expect the continuation of the downtrend.

Technical levels: support - 1.1040; resistance - 1.1070/80, 1.1100.

Trade recommendations:

1. Sell — 1.1070; SL — 1.1090; TP1 — 1.1000; TP2 — 1.0950.



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