EUR/USD: Technical Analysis and Trading Recommendations_06/23/2021
Against the background of the dollar weakening (after its significant growth last week), the EUR / USD pair managed to rise over the past two days, returning to the zone of the long-term key support level 1.1940 (ЕМА200 on the daily chart). Above this level and the support level 1.1880 (ЕМА50 on the weekly chart) EUR / USD remains in the bull market zone.
The breakdown of important resistance levels 1.1989 (ЕМА200 on the 1-hour chart), 1.2005 (ЕМА144 on the daily chart) will confirm the resumption of the long-term upward dynamics of EUR / USD. More distant growth targets are located at resistance levels 1.2340, 1.2450, 1.2500, 1.2580 (61.8% Fibonacci level), 1.2600.
In an alternative scenario and after a confirmed breakdown of the 1.1880 support level, EUR / USD may continue to decline towards the 1.1780 support level (38.2% Fibonacci level of the upward correction in the wave of the pair's decline from 1.3870, which began in May 2014, and the 2018 highs) and local support level 1.1710 (March 2021 lows).
Break of the long-term key support level 1.1610 (ЕМА144 and ЕМА200 on the weekly chart) will finally break the bullish trend of EUR / USD.
In the meantime, the technical indicators OsMA and Stochastic on the 1-hour, 4-hour, daily charts signal the likelihood of the continuation of the upward trend.
Support levels: 1.1940, 1.1880, 1.1780, 1.1710, 1.1610
Resistance levels: 1.1989, 1.2005, 1.2070, 1.2081, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
Sell Stop 1.1910. Stop-Loss 1.1960. Take-Profit 1.1880, 1.1780, 1.1710, 1.1610
Buy Stop 1.1960. Stop-Loss 1.1910. Take-Profit 1.1989, 1.2005, 1.2070, 1.2081, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600