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Despite the fact that yesterday EUR / USD broke through the important short-term resistance level 1.1788 (ЕМА200 on the 1-hour chart), and today the pair is traded in the zone above this level near the 1.1810 mark, it nevertheless remains inclined to resume the decline.
On the daily chart, EUR / USD is traded in a descending channel, in the area below the key resistance level 1.1830 (ЕМА200 on the daily chart).
The breakdown of the support levels 1.1788, 1.1780 (Fibonacci level 38.2% of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014) will resume the downward dynamics of EUR / USD and direct it towards the support levels 1.1600 (local minimums and EMA50 on the monthly chart), 1.1550 (ЕМА200 and ЕМА144 on the weekly chart).
The breakout of the support levels 1.1600 and 1.1550 will increase the risks of a resumption of the long-term bearish trend in EUR / USD. The negative dynamics of the pair prevails.
In an alternative scenario, EUR / USD will continue to rise to the resistance level 1.1900 (EMA200 on the 4-hour chart and EMA144 on the daily chart). Its breakdown may open the way for growth towards resistance levels 1.2000, 1.2055 (ЕМА200 on the monthly chart).
Support levels: 1.1788, 1.1780, 1.1600, 1.1550, 1.1285
Resistance levels: 1.1830, 1.1900, 1.1990, 1.2055, 1.2070, 1.2100, 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600
Trading Recommendations
Sell Stop 1.1785. Stop-Loss 1.1835. Take-Profit 1.1780, 1.1700, 1.1600, 1.1550, 1.1285
Buy Stop 1.1835. Stop-Loss 1.1785. Take-Profit 1.1900, 1.1990, 1.2055, 1.2070, 1.2100, 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600
