Static support, stronger than dynamic resistance
EUR had been losing power against USD and after that, the price line could finally break put of the descending wave. The price line started a side market right after. At the moment, the price has descended through a descending trend. the overall look of the chart is bullish.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
There is a string support level at 1.5145 – 1.525. as it is predicted, the price could have another retest of the area; that is when bulls can return to the market and start another ascending wave. The RSI indicator is also showing positive divergence which improve the possibility of a bullish market. buyers should be waiting for the price to have another retest of the support below the price and then can target level 0.382 of the Fibonacci retracement which would be 1.665. Breaking below the mentioned support will reduce the possibility of an ascend.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.