The price is on the mid line of the channel
The strong growth of the British pound empowered EUR against USD. On the chart the price is falling within a descending channel. The overall look of the chart is bearish, as each descending wave is stronger than the ascending one. the price is on a very important area.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.10690 with resistance at 1.10990 which both lines are below the weekly pivot point at 1.11160. 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 RSI is moving below 50 level, the Stochastic is showing downward momentum and the MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals.
The downward pressure is pulling the price down towards 1.10550.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.