The support level looks too fragile to hold the price
The US consumer inflation data is weighing on USD. On the chart the price is trying to cover the previous lost, an ascending channel has been formed. Different indicators are showing up trend, the overall look of the chart is bullish and the price seems to be ascending in the next few days.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.12750 with resistance at 1.12950 which both lines are above the weekly pivot point at 1.12650. 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 1.1330.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.