EUR/USD is forming descending channel

Current price is a good entrance both for buyers and sellers!

Federal Reserve Chairman Jerome Powell Speaks today and there are no other important fundamental reports for EURUSD. The price on the chart is forming a descending channel. Currently the price is heading to the bottom of the channel and after that a growth is expected to the top of the channel which is also descending trendline. 

            Chart Notes: 

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

           • Candles’ time-frame is 4h.


The support rests at 1.11860 with resistance at 1.12370 which both lines are below the weekly pivot point at 1.12990. The EMA of 10 is moving with bearish bias in the descendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving below 50 level, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
Sellers can target the lower Bollinger band at 1.11700 and then buyers can return to the market.

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