EUR/USD in a descending channel

Bears do not seem tired yet

USD is being supported by the US index of business activity in the manufacturing sector of Philadelphia. On the chart the price is descending within a channel. The channel has not been broken to any sides yet and the trend is still valid and on going. 

            Chart Notes: 

           • Chart time-zone is UTC (+03:00)

           • Candles’ time-frame is 4h.


The support rests at 1.07670 with resistance at 1.08100 which both lines are below the weekly pivot point at 1.08720. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 100 and the EMA of 200. The RSI is moving in oversold area, the Stochastic is moving in low ranges and the MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals.
There is a chance that EURUSD starts its consolidation within the Bollinger bands but the support level breakthrough will push the price down towards 1.07400.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.