Given lack of macroeconomic data, today is understandably a quiet day on the euro and USD markets. Things should pick up rapidly on Friday, however as we don't have a number of high-impact data releases to look forward.
The pair closed below 20Wsma. The pair reached a large distribution territory between 1.1467 and 1.1437. In the daily chart, the pair lost all moving averages. The nearest support is found at 1.0785. We advised selling on rises with a target at 1.0720. The 20Wsma is seen at 1.1080. In different time intervals (hourly and daily charts), the oscillators indicate oversold levels.
The pair has been reaching lower lows and lower highs, falling below the lower end of the ascending trendline. We recommend fresh selling only below 1.0780 with an initial target at 1.0720 and extending towards 1.0630 later.
Intraday resistance is seen at 1.0840, 1.0870, and 1.0910. Support is found at 1.0790, 1.0750, and 1.0720.
Weekly resistance is seen at 1.0920, 1.0960, and 1.0980. Support is found at 1.0790, 1.0720, and 1.0650.
Monthly support is found at 1.0730.
The material has been provided by InstaForex Company – www.instaforex.com