Overcoming the level of 1.2074 in EURUSD will give strength to the bears

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

  • there is strong resistance for the euro (EUR) at 1.2128,
  • since the American session on Thursday, bearish sentiments have been dominating in the EURUSD currency pair.

Now let’s look at the indicators:

  • The currency rate is moving away from the moving averages with periods of 55, 34, 89 and 144, which are a series of resistance levels 1.21295, 1.2141 / 415 and 1.21875.
  • The MACD histogram is still in the negative zone and slightly below its signal line, continues to decline smoothly and thus gives a signal to sell the euro (EUR).
  • Stochastic Oscillator is in the neutral zone and is giving a similar signal as the% K line falls below the% D line.

Therefore, we expect that the pressure on the EUR / USD currency pair will continue and may intensify if the mirror level 1.2074 is broken, which may open the way to the levels 1.20395, 1.20025 and 1.1963.

If the bears are not strong enough to break the mirror level of 1.2074, then the currency rate will move within the price range of 1.2074 – 1.2128.

An alternative (‘bullish’) scenario of the development of events will be ‘activated’ in case of a breakdown of the strong resistance level 1.2128, after which the quotes may go to the levels 1.2162, 1.2180 and 1.2217.

Resistance levels: 1.2128, 1.21295, 1.2141 / 415, 1.2162, 1.2180, 1.21875 / 89, 1.22055, 1.2217

Current price: 1.2097

Support levels: 1.20875, 1.2074, 1.20615, 1.2053, 1.20395, 1.20025, 1.1963, 1.19245

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