Then next descending wave seems to be close
USD strengthened due to Coronavirus disaster worldwide and there are no major economic reports in Eurozone today. On the chart, the price had a smooth ascend and after touching a resistance level had a small descend wave.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.07710 with resistance at 1.08340 which both lines are below the weekly pivot point at 1.08620. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is rising towards 50 level, the Stochastic is moving in low ranges and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
The resistance line seems to be too strong to be broken, EURUSD is declining towards 1.07720.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.