As it seems bullish trend is almost finished
The UK released High Street Lending and the US will publish Consumer Confidence and New Home Sales. On the chart, the price after a sharp ascend has been moving smoothly in a horizontal channel. The overall look of the chart is bearish and an ascending move looks close.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.28560 with resistance at 1.29150 which the weekly pivot point at 1.28800 is located in between the lines. The EMA of 10 is moving with bullish bias in the horizontal channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving above 50 level, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals.
Sellers can target the lower Bollinger band at 1.28200.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.