Forex Technical Analysis - RCPL Forex

Euro: Euro grinded higher to 1.5768 but could no continue its bullish momentum and closed weaker at 1.5737. Cluster resistance comes around 1.5760 levels (21 Daily EMA, 100 & 55 4-hourly EMA) which has been curtailing Euro’s upside, hence a strong break of this level is required to indicate a bullish bias for the pair else range bound trading will be witnessed. The hourly and 4-hourly stochastic indicates some selling pressure thus a fall till 1.5680 (55 daily EMA) could be witnessed and cautious longs can be initiated at those levels targeting 50 pips.(Eur/Usd: 1.5750).

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