The ascending channel looks to be valid for the next few days or even weeks!
USD has been supported by US Dollar index data. This support has empowered USD against most of other currencies including EUR. In the price chart you can see that the price is forming a descending channel and has not been able to break out of it yet. There is no trend reversal signals issued by indicators nor by candelsticks. the descending trendline looks to be valid for now.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.08750 with resistance at 1.09080 which both lines are below the weekly pivot point at 1.09570. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
The price may decline towards 1.08100.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.