Bullish channel is formed
EUR has been empowered by Euro-Zone’s M3 Money Supply. the price has been descending significantly currently. recently an ascending channel has formed and EUR is trying to recover the loss against USD. A trend reversal has happened and the overall look of the chart is bullish.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.11660 with resistance at 1.12010 which the weekly pivot point at 1.11730 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA 200 and the EMA of 100. The RSI is moving above 50 level and the Stochastic is moving in high ranges. The MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
Long positions are recommended towards 61.8 level of Fibonacci at 1.12400.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.