Resistance at 1.2300 is a serious obstacle to further growth of EURUSD

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

  • in the area of ​​1.2299 – 1.2309 there is a noticeable resistance for EURUSD,
  • at the same time, the bulls do not intend to give up without a fight.

Now let’s look at the indicators:

  • The currency rate has noticeably moved away from the moving averages with periods of 34, 55, 89 and 144, which are directed upward and indicate continued bullish sentiment (in the medium term), as well as a series of support levels 1.2265, 1.2239, 1.22245 and 1.2181.
  • The MACD histogram is still in the positive zone and is 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.

Due to the contradiction in the signals provided by the indicators, as well as the slowdown in the growth of quotations, as confirmation that bullish sentiments may increase in the forex market in this currency pair, it is necessary to wait for the breakdown of the resistance area 1.2299 – 1.2309, which can open the way to the levels 1.2340, 1.2380 and 1.2413.

Otherwise, the bears may seize the initiative, and their targets will be the levels 1.2241, 1.22055 and 1.2160.

We remind forex traders that today at 22:00 Moscow time. the publication of the minutes of the FRS meeting will take place, which may have a noticeable impact on the further course of trading.

Resistance levels: 1.2299, 1.2309, 1.23255, 1.2340, 1.2380, 1.2413

Current price: 1.2295

Support levels: 1.22885, 1.22715, 1.2265, 1.22565, 1.2241, 1.2239, 1.2229 / 245, 1.22155, 1.22055

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