20.12.201110:25 Forex Analysis & Reviews: EUR/USD Intraday Technical analysis

Long-term review

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Daily chart: The USDX has remained above the 200 SMA, although the USDX is trying to make a breakout on the resistance level of 80.62. If successful, it is expected to rise to the level of 81.50, but for the USDX to get that, the USDX needs to receive fundamental news during this week. The MACD indicator is in the overbought zone.

H4 chart: The USDX is finding resistance at the level of 80.60 and this could be an indicator that the USDX to fall to the support level of 80.35 in the coming hours. However, we have to wait for a breakout at the resistance level to continue placing buy orders. The MACD indicator is in negative territory.

H1 chart: The USDX remains above the support level of 80.35, while the USDX has found resistance at the 80.65 level. However, if the USDX does make a breakout on the resistance level of 80.59, it's expected to rise to the level of 80.73. On the other hand, if the USDX makes a pullback at current levels, it's expected to fall to the level of 80.35. The MACD indicator is oversold.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.

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