EUR/USD in an ascending channel

EUR trying to recover the loss

The strong EMU PMI figures have lifted EUR against USD. On the chart, the price line, after a sharp fall has formed a bullish channel and is trying to recover the previous loss against USD. The overall look of the chart is bullish and buyers can inter.

            Chart Notes: 

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

           • Candles’ time-frame is 4h.


The support rests at 1.11850 with resistance at 1.12250 which the weekly pivot point at 1.12010 is located in between the lines. 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.
The resistance line breakout will accelerate the price growth towards 1.12500.

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