Paying attention to the 4-hour chart, you will notice that:
- in the area of 1.2001 – 1.2012 there is a noticeable support for the euro (EUR),
- Since the beginning of the current day, bullish sentiments have been dominating in the EURUSD currency pair.
Now let’s look at the indicators:
- The currency rate is sandwiched between moving averages with periods of 89, 55 and 34 (a range of resistance levels 1.2042 and 1.20665 / 685) on the one hand and an average with a period of 144 (support level 1.1971) on the other.
- The MACD histogram is still in the negative area and below its signal line, but it started to rise very smoothly and thus indicates a possible strengthening of bullish sentiment.
- Stochastic Oscillator is in the neutral zone and is giving a buy signal for the euro (EUR), as the% K line rises above the% D line.
Despite only one clear signal, we expect that the growth of quotations may continue, and the potential targets of the bulls are located at 1.2063, 1.20895 and 1.2126.
Cancellation of the ‘bullish scenario’ will occur in case of a breakdown of the strong support level 1.2001, which may open the way to levels 1.1972, 1.19575 and 1.1915.
Resistance levels: 1.2040 / 42, 1.2063, 1.20665 / 685, 1.20895, 1.21015, 1.21145, 1.2126
Current price: 1.2026
Support levels: 1.2012, 1.2001, 1.1993, 1.1972 / 71, 1.19575, 1.1942, 1.19235, 1.1915
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