EUR/USD price, on a strong resistance
Based on the predictions USD will be empowered by the ISM manufacturing PMI data. with this empowerment, the trend of any pair that includes USD would change. For this reason, CapitalCore Ltd decided to check the price chart of EUR/USD. the following is a quick analysis. you can elevate your trading strategy by adding this information.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.16920 with resistance at 1.17460. The weekly pivot point at 1.18340 is located above the lines. 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 Stochastic is moving in low ranges, the RSI is moving below level 50 and the ADX is showing sell signal. The MACD indicator is in positive territory.
The support level breakout will push the price down towards 1.16500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.