bearish leg, still on going
USD is under pressure due to slowdown in the US economy. In the price chart the price has had a significant decline and still no trend reversal signal has been issued. The bearish trend is expected to be on going for now; the 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 1.12670 with resistance at 1.13060 which both lines are below the weekly pivot point at 1.13760. The EMA of 10 is moving with bearish bias in the descendant channel and it is above the EMA of 200 and below the EMA of 100. The RSI is rising towards 50 level, the Stochastic is moving in middle ranges and the MACD line is on the signal line in the neutral territory. The ADX is not showing any clear signals.
It seems that EURUSD is trying to continue its decline within Andrew’s pitchfork targeting 1.12240.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.