The mid lane of the channel is broken
EUR and USD seem stable at the moment. Macroeconomic factors will be the most influential matters for EURUSD today. On the chart, the price has formed a low slope descending channel. Right now the price is reacting to the mid line of the channel.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.11920 with resistance at 1.12540 which the weekly pivot point at 1.12330 is located in between the lines. 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 level 50, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
EURUSD is falling down taking the next support to 1.11120.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.