Top of ascending channel and still buy signal!
USD was under pressure due to poor economic data. EUR is getting more powerful day by day. EUR/USD has currently shaped an ascending channel and right now is on top of the channel. some indicators are showing buy signal. This might be a sign of a powerful ascend.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.11250 with resistance at 1.11520 which both lines are above the weekly pivot point at 1.10600. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving on overbought area, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
EURUSD is targeting the previous high at 1.11700.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.