EUR/USD Intraday Technical Analysis.
The spot rate is currently testing the intermediate support of its medium-term bullish channel at 1.3050 suggesting a rebound. However, a break of these levels will free a large potential and reach the lower limit of its channel at 1.3020.Technical indicators do not provide clear signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
The spot rate is currently testing the intermediate support of its channel, we suggest 2 scenarios. The first one is the hypothesis of a rebound where we recommend a buy on the level of 1.3050 with the 1st objective at 1.3110 and then at 1.3130. A breakthrough of 1.3020 will invalidate this scenario. The second scenario is a break of its support where we advise a “sell stop” which means to sell the spot rate as soon as it is broken through its support of 1.3050 with the 1st objective at 1.2990 and then at 1.2970. A breakthrough of 1.3070 will invalidate this scenario.must watch that.
