The support level looks too fragile to hold the price
There is not much going out in Eurozone but the pair is under the influence of USD weakness. On the chart the price line has formed a double top and is about to have a free fall. Indicators are issuing trend reversal signals. The dynamic support below the price line has been broken.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.11190 with resistance at 1.11490 which both lines are above the weekly pivot point at 1.09630. The EMA of 10 is moving horizontally in the ascendant channel and it is above the EMA of 100 and the EMA of 200. The RSI is moving above level 50, the Stochastic is moving in middle ranges and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
The support level breakthrough will confirm the bearish trend towards 1.10850.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.