EURUSD buyers will have a hard time

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

  • significant support for the euro (EUR) formed at the level of 1.2241,
  • 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 exchange rate has consolidated above the moving averages with periods of 34, 55, 89 and 144, which are now a number of support levels 1.22515, 1.2231, 1.2214 and 1.21675.
  • The MACD histogram is in the positive zone, but below its signal line, it continues to decline smoothly and thus gives a signal to sell the euro (EUR).
  • Stochastic Oscillator is in the neutral zone and at the moment is not forming clear signals, since the% K line is moving towards the% D line.

Despite the indicators, we expect that the growth of quotations may continue, and potential targets of the bulls are located at 1.2309, 1.2340 and 1.2375.

Cancellation of the bullish scenario will occur in case of a breakdown of the support level 1.2241, which may open the way to levels 1.22055, 1.2160 and 1.2121.

Resistance levels: 1.2276, 1.2298, 1.2309, 1.2340, 1.2375, 1.2413

Current price: 1.2267

Support levels: 1.22565 / 515, 1.2241, 1.2231 / 29, 1.22155 / 14, 1.22055

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