The descending wave is about to finish
Euro-zone’s gross domestic product grew and today Euro-zone’s construction output for December will be announced. On the chart, the price has been falling and after reaching to a support level, the price is now looks to be on a trend reversal.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.08320 with resistance at 1.08520 which both lines are below the weekly pivot point at 1.08720. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 100 and the EMA of 200. The RSI is rising towards level 50, the Stochastic is moving in low ranges and the MACD line is on the signal line in the positive territory. The ADX is not showing any clear signals.
EURUSD is trying to consolidate and the support lines seems to be too strong to be broken. EURUSD may grow towards 1.09000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.