EURUSD Buyers Not Enough for a Long Time

Paying attention to the 4-hour chart, you will notice that:

  • on Tuesday trading, the breakout of the mirror level of 1.2027 led to a noticeable but short-term strengthening of bullish sentiment, as a result of which our first alternative target (1.2084) was reached,
  • At the level of 1.2091, a noticeable resistance formed for EURUSD, after which consolidation began.

Now let’s look at the indicators:

The currency rate is still below the moving averages with periods of 144, 34, 89 and 55, which are the range of resistance levels 1.2094 and 1.21125 / 14/155.

The MACD histogram is still in the negative zone, but already above its signal line, continues to grow intensively and thus gives a signal to buy the euro (EUR).

Stochastic Oscillator has partially entered the overbought zone and is giving a similar signal, as the% K line rises above the% D line.

Despite two identical and clear signals, as a confirmation that bullish sentiments may again intensify in the forex market in this currency pair, it is necessary to wait for the breakdown of the resistance level 1.2091, which can open the way to the levels 1.21225, 1.2163 and 1.2182.

Otherwise, the consolidation may turn into an offensive bears, and their targets will be the levels 1.2027, 1.1991 and 1.19595.

Resistance levels: 1.2091, 1.2094, 1.21125 / 14/155, 1.21225, 1.2163, 1.2182

Current price: 1.2086

Support levels: 1.20665, 1.20525, 1.2027, 1.2005, 1.1991, 1.19595, 1.19515

Market forecasts, analytics and stock news

Libertex [CPS] WW



MTP Procurement Management Procurement Bidding SRM Cost Optimization Team Management Cost Management SAP ERP Management Skills SAP ERP 1C Supply Control SAP / SRM SAP / R3 Analytical Thinking Working with Suppliers Result Oriented System Thinking Process Management Strategic Planning Project Management MsOffice Negotiations with company top officials Organization of procurement procedures Oil trading

Read Previous

The Moscow Exchange Index will trade within 3350-3430 points

Read Next

Gazprom share price today: forecast and technical analysis