Which will win this round?
EUR and USD are both being empowered by the economic reports. On the chart the price is moving within an ascending channel. Recently the price has been moving sharply. Both of the currencies are trying to win more value. currently 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 1.11160 with resistance at 1.11550 which the weekly pivot point at 1.11240 is located in between the lines. The EMA of 10 is moving with bearish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving above 50 level, the Stochastic is showing downward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
Most probably EURUSD will be fluctuating within the support and resistance lines.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.