A descending channel has formed
Unemployment Rate has been published in Switzerland and the US will release EIA Gasoline Stocks Change and EIA Crude Oil Stocks Change. On the chart after a strong ascend the price has formed a descending channel and 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 1.01600 with resistance at 1.02000 which the weekly pivot point at 1.01690 is located in between the lines. The EMA of 10 is moving horizontally in the descendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is moving on 50 level, the MACD line is above the signal line in the positive territory and the Stochastic is showing downward momentum. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positions are recommended towards 109.50.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.