EUR getting empowered against USD
While the US consumer confidence dropped more than expected, the Richmond Fed manufacturing index grew. Today eyes will be on US goods trade balance and pending home sales. On the chart the price is ascending through a channel. Currently the price is at the mid lane of the channel 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 1.17030 with resistance at 1.18050 which both lines are above the weekly pivot point at 1.15720. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing buy signal.
EUR bulls are controlling the chart, buyers can target the upper Bollinger band at 1.18000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.