A strong ascend or a sharp descend?
EUR grew against USD last week but it seems that EURUSD is chiefly under the influence of US trade wars with Mexico and China. On the chart, the price has formed an ascending channel. The channel is still valid and overall look of the chart is bearish.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.11560 with resistance at 1.11960 which the weekly pivot point at 1.11670 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards 50 level, the Stochastic is showing upward momentum and the MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals.
The support level breakthrough will push the price down towards the lower Bollinger band at 1.11150; otherwise EURUSD may grow towards 1.12000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.