The final ascending wave is on going
The Federal Reserve announced a new plan to support large businesses. On the chart, the price line has had been moving through an ascending channel, and after a sharp ascend wave, the price fall to the base line of the channel. The overall look of the chart is bullish at the moment.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.13230 with resistance at 1.13630 which both lines are above the weekly pivot point at 1.12990. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving above level 50, 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.
EURUSD is trying to grow towards the upper Bollinger band at 1.39500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.