Paying attention to the 4-hour chart, you will notice that:
- since the beginning of the current day, bearish sentiments dominate in the EURUSD currency pair,
- the currency rate ‘uncertainly’ consolidated below the mirror level of 1.2027.
Now let’s look at the indicators:
- The currency rate has noticeably moved away from the moving averages with periods of 144, 55, 89 and 34, which are a series of resistance levels 1.2096, 1.2114, 1.2117 and 1.2130.
- The MACD histogram is still in the negative zone and below its signal line, continues to decline intensively and thus gives a signal to sell the euro (EUR).
- Stochastic Oscillator remains in the oversold zone and is giving a similar signal, as the% K line falls below the% D line.
Therefore, we expect that the decline in quotations may continue, and the potential targets of the bears are located at 1.19835, 1.19595 and 1.19245.
Cancellation of the ‘bearish scenario’ will occur in case of a breakdown of the mirror level 1.2027, which may open the way to levels 1.2084, 1.21225 and 1.2163.
Resistance levels: 1.2027, 1.20525, 1.20665, 1.2084, 1.2096, 1.21005
Current price: 1.2021
Support levels: 1.20145, 1.2003, 1.19835, 1.19595, 1.19515, 1.19245
Market forecasts, analytics and stock news