Descending channel has formed
EURUSD is ignoring the macroeconomic data and even if the US unemployment benefits comes out better than expected, we will not be observing much of a change. On the chart the price has formed a descending wave and right now the price is on the top of the channel.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.07880 with resistance at 1.08290 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 moving below 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 showing sell signal.
EURUSD is falling down within the descendant channel targeting 1.07700.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.