EUR/USD, On a critical spot
After Russia invaded Ukraine, this military aggression effected EUR currency as well as Russian ruble. As visible on EUR/USD price chart, EUR has lost power against USD and has fallen to a dynamic support line. In case Europe can stay away from the Ukraine conflict and its consequences, EUR/USD can start start a bullish phase shortly.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is daily.
On EUR/USD price chart, the price line is on 1.11873, which would be just above the dynamic support line, shown as a red descending line on the chart. The other support level below the price line would be level 0.786 of the Fibonacci level, on 1.101. The important resistance levels on the chart are level 0.618 and 0.5 of the Fibonacci retracement, which would be on 1.13 and 1.15. RSI is on almost 42 and MACD is showing negative trend on going. In case support line can hold the price once more, Traders can be waiting to see an ascending wave heading to the mentioned resistance levels. On the other hand, in case the price line breaks below 1.1, Sellers can enter the market and target 1.065 and 1.036.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.