Paying attention to the 4-hour chart, you will notice that:
- strong support for the euro (EUR) formed at 1.21045,
- 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 currency rate is sandwiched between moving averages with periods of 55, 89 and 144 (a range of resistance levels 1.21455, 1.2197, 1.2205) on the one hand and an average with a period of 34 (support level 1.21195) on the other.
- The MACD histogram is still in the negative zone and 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 a similar signal as the% K line rises above the% D line.
Therefore, we expect that the growth of quotations may continue, and the potential targets of the bulls are located at 1.21655, 1.2217 and 1.2241.
The bullish scenario will be canceled if the strong support level 1.21045 is broken, which may open the way to the levels 1.2074, 1.20395 and 1.20025.
Let us remind Forex traders that today they should pay attention to a number of important events, which can have a significant impact on the further course of trading:
- at 15:45 Moscow time. the publication of the decision of the ECB on the main interest rate, as well as the report on monetary policy,
- at 16:30 Moscow time. the ECB press conference will begin.
Resistance levels: 1.2144 / 455, 1.21655, 1.2181, 1.2197, 1.2205 / 055, 1.2217, 1.2228, 1.2241
Current price: 1.2128
Support levels: 1.21195, 1.21045, 1.20925, 1.2074, 1.20615, 1.2053, 1.20395, 1.20025
Market forecasts, analytics and stock news