The decline in the euro / dollar pair will continue today

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

  • today’s trading opened with a noticeable (about 34 points) gap down,
  • since the beginning of the current day, bearish sentiments dominate in this currency pair,
  • the downside potential for EURUSD has not yet been exhausted.

Now let’s look at the indicators:

  • The currency rate remains noticeably above the moving averages with periods of 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 1.21605, 1.2131 and 1.20375, and at the moment it has practically merged with the average with a period of 34.
  • The MACD histogram is still in the positive zone, but already below its signal line, continues to decline intensively 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 decline in quotations may continue and intensify if the mirror level 1.2166 is broken, which may open the way to the levels 1.21365, 1.2112 and 1.20715.

Cancellation of the ‘bearish scenario’ will occur in case of a breakdown of the mirror level 1.22075, after which the quotes may go to the levels of 1.22345, 1.2267 and 1.2300.

Resistance levels: 1.22075, 1.2225, 1.22345, 1.2255, 1.2267, 1.2300

Current price: 1.2189

Support levels: 1.2166, 1.21605, 1.21365, 1.2131, 1.2121, 1.2112

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Libertex [CPS] WW



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