EUR/USD lost its shine and hit a 3-month low on US dollar strength. It hits an intraday low of 1.14809 and is currently trading around 1.14809. Intraday trend remains bearish as long as resistance 1.1540 holds.
The pair is holding below the 55 EMA, 200 EMA, and 365 EMA on the 4-hour chart. Near-term resistance is seen at 1.15450; a break above this may push the pair to targets of 1.1575/1.1600/1.1670/1.1700/1.1765/1800/1.1835/1.1850/1.1920. On the downside, support is seen at 1.1480; any violation below will drag the pair to 1.1435/1.1400.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Bearish
Average Directional Movement Index (ADX) - Bearish
It is good to sell on rallies around 1.1500 with a stop-loss at 1.1545 for a target price of 1.1435/1.1400.
