support zone at the bottom of ascending channel is pumping the price upward
Producer & Import Prices was released in in Switzerland and the US will publish Consumer Confidence, Case-Shiller 20 City and House Price Index. The price is at the bottom of a bearish channel. Top line of the channel looks so fragile as the price has made multiple attempts to break above the channel. To sum up, the price seems to move bullish in the up coming days.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.89050 with resistance at 0.90450 which the weekly pivot point at 0.89440 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is growing towards overbought area, the MACD line is above the signal line in the positive territory and the Stochastic is showing upward momentum. The ADX is showing buy signal. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
Long positions are recommended towards 0.90500.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.