The declining leg looks to be finished
The US Consumer Confidence came lower than forecasted and today there will be GDP data and FOMC Rate Decision. On the chart, the price has formed an ascending channel and right now is at the base of the channel and has formed a double bottom. Trend reversal is possible.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.11000 with resistance at 1.11180 which the weekly pivot point at 1.11110 is located in between the lines. The EMA of 10 is moving bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving above 50 level, 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.
The chart is creating a dead cat bounce. EURUSD is most probably growing towards 1.11600.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.