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At the time of this article publication, EUR / USD is traded near the 1.2160 mark, remaining in the bull market zone above the key support levels 1.1930 (ЕМА200 on the daily chart), 1.2000 (ЕМА144 on the daily chart).
However, it is worth paying attention to the fact that the price dropped into the zone below the important resistance level 1.2180 (ЕМА200 on the 1-hour chart and the Fibonacci level 50% of the upward correction in the wave of the pair's decline from the level 1.3870, which began in May 2014, and the highs of 2018 of the year).
Further correctional decline may lead to a fall in EUR / USD to support levels 1.2129 (EMA200 on the 4-hour chart), 1.2100 (EMA50 on the daily chart).
Above these support levels, long positions are still preferred, and a decline to them should be viewed as a good opportunity to build up long positions.
In case of renewed growth and after the breakdown of the resistance level 1.2180, EUR / USD will head towards the upper border of the ascending channel on the weekly chart and the level 1.2260.
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 the breakdown of the 1.2100 support level, EUR / USD will resume its decline towards the key support levels 1.2000, 1.1930, and the breakdown of the 1.1600 support level (ЕМА200 and ЕМА144 on the weekly chart) will increase the risks of resuming the long-term bearish trend in EUR / USD.
Support levels: 1.2129, 1.2100, 1.2070, 1.2000, 1.1930, 1.1780, 1.1710, 1.1600
Resistance levels: 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
Trading Recommendations
Sell Stop 1.2135. Stop-Loss 1.2190. Take-Profit 1.2129, 1.2100, 1.2070, 1.2000, 1.1930, 1.1780, 1.1710, 1.1600
Buy Stop 1.2190. Stop-Loss 1.2135. Take-Profit 1.2260, 1.2300, 1.2340, 1.2450, 1.2580, 1.2600
