Paying attention to the 4-hour chart, you will notice that:
- in the area of 1.2160 – 1.21755 there is significant support for EURUSD,
- today at trading in Asia, the bulls tried to develop an offensive, but the growth of quotations began to slow down early in the morning.
Now let’s look at the indicators:
- The currency rate is sandwiched between a moving average with a period of 34 (resistance level 1.2213) on the one hand and averages with periods of 55, 89 and 144 (a series of support levels 1.2189, 1.21635 and 1.2080) on the other.
- The MACD histogram is still in the negative zone, but crossed with its signal line and is not giving clear signals at the moment.
- 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.
Since trusting only one clear signal is extremely risky, and also due to the fact that the growth of quotations began to slow down, as a confirmation that bullish sentiments may increase in the forex market in this currency pair, it is necessary to wait for the breakdown of the resistance level 1.22295, which could open the way to levels 1.2267 and 1.2300.
Otherwise, the bears may seize the initiative, and their targets will be the levels 1.2160 and 1.2112.
Resistance levels: 1.22075, 1.2213, 1.22295, 1.2240, 1.22565, 1.2267, 1.2300
Current price: 1.2203
Support levels: 1.2193, 1.2189, 1.21755, 1.21635, 1.2160, 1.21365, 1.2121, 1.2112
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