EUR/USD has been trading sideways at the price of 1.1324. Intraday bullish divergence is in creation, be careful with selling.
According to the 30M time – frame, we found that every time EUR/USD makes a new low, buyers respond immediately which is a sign that sellers don't have enough power for larger selling. Another sign that the current downward movement is weak is the bullish divergence on the stochastic oscillator. Key short-term support is seen at 1.1308 and EUR/USD failed to test that support today. Key intraday resistance is seen at 1.1342.
Trading recommendation: We are neutral on the EUR/USD pair but with the higher risk for the further downward side. We would like to see the successful breakout of resistance at 1.1342 to confirm the upward movement. If we see the breakout, we will open small long position with targets at 1.1380 and 1.1410.
The material has been provided by InstaForex Company - www.instaforex.com
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