EUR covering loss against USD
While EUR is being supported by Marie’s statement, weak data on the Eurozone consumer confidence is weighing on EUR. On the chart the price line has touched a support level and was pumped right after. The overall look of the market is bullish and big growth is expected
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.12370 with resistance at 1.12670 which both lines are below the weekly pivot point at 1.13410. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA 100 and the EMA of 200. The RSI is moving below 50 level and the Stochastic is moving in low ranges. The MACD line is below the signal line in the negative territory. The ADX is showing weak buy signal.
EURUSD has reached the lower Bollinger band therefore buyers can target the upper part above 1.13000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.