The price is at the bottom of the channel
Japan will release the BOJ Core CPI y/y and the US will publish Richmond Manufacturing Index, New Home Sales and HPI m/m. On the chart, the price is moving within an ascending channel and right now the price is at the bottom of the channel.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 111.570 with resistance at 112.030 which the weekly pivot point at 111.960 is located in between the lines. The EMA of 10 is moving horizontally in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is rising towards 50 level, the Stochastic is moving in middle area and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signal.
The support line seems to be too strong to be broken. Long positions are recommended towards 112.100.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.