EURUSD Forecast: No Clear Trend, Indicator Signals Are Contradictory

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

  • for a long period of time there is no clear trend in the EURUSD currency pair,
  • since the beginning of the current day, trades are held with low volatility,
  • the currency rate is slightly above the mirror level of 1.2128.

Now let’s look at the indicators:

  • The currency rate is located below the moving averages with periods of 34, 55, 89 and 144, which are the range of resistance levels 1.2135 / 365 and 1.2185.
  • The MACD histogram is still in the negative zone, but already above its signal line, continues to rise smoothly and thus gives a signal to buy the euro (EUR).
  • Stochastic Oscillator is in the neutral zone and is giving an opposite signal, as the% K line falls below the% D line.

Despite the absence of a clear trend, as well as the contradiction in the signals provided by the indicators, we expect that the bulls can develop an offensive, and their potential targets are located at 1.2162, 1.2180 and 1.2217.

An alternative (‘bearish’) scenario will be ‘activated’ if the exchange rate consolidates below the mirror level of 1.2128; in this case, quotes may decline to the levels of 1.20985, 1.2074 and 1.2053.

Resistance levels: 1.2135 / 365, 1.2146, 1.2162, 1.2180, 1.2185 / 89, 1.22055, 1.2217

Current price: 1.2130

Support levels: 1.2128, 1.20985, 1.2074, 1.20615, 1.2053, 1.20395, 1.20025, 1.1963, 1.19245

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