EUR/USD in a descending channel

Bears are taking over them market

Today the general fundamental background remains quite for EURUSD. Meanwhile on the chart, the price is still moving within the channel. As it seems the ascending wave is over and a new bearish wave has started. Right now the price is at the mid lane of the channel.

            Chart Notes: 

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

           • Candles’ time-frame is 4h.


The support rests at 1.11510 with resistance at 1.12080 which both lines are below the weekly pivot point at 1.12330. The EMA of 10 is moving with bearish bias in the descendant channel and it is above the EMA of 200 and below the EMA of 100. The RSI is moving below 50 level, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is showing buy signal.
Considering the correction pattern, long term traders can target level 61.8 of Fibonacci at 1.10800; there might be bullish signs on way.

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