The most correct decision now is to wait for the completion of the EURUSD consolidation

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

  • in the area of ​​1.2166 – 1.2177, there is a strong resistance for EURUSD,
  • since the beginning of the current day, the strengths of bulls and bears are approximately equal.

Now let’s look at the indicators:

  • The currency remains well above 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 range of support levels 1.2124, 1.20565 and 1.1975.
  • The MACD histogram is still in the positive zone and slightly above its signal line, but began to decline very smoothly and thus indicates a possible strengthening of bearish sentiment.
  • The Stochastic Oscillator is near the overbought zone and is forming a buy signal for the euro (EUR), although it is not yet clear, since the% K line has just crossed the% D line upward, but has not yet begun to rise above it.

Due to the lack of clear signals, as well as a pronounced trend, the most correct decision now is to wait for the completion of consolidation.

A ‘bullish’ scenario will be ‘activated’ in the event of a breakdown of the resistance area 1.2166 – 1.2177, which may open the way to levels 1.2210, 1.2240 and 1.2260.

The ‘bearish’ scenario will begin to materialize if the mirror level 1.21365 is broken, after which the quotes may decline to levels 1.2112, 1.20715 and 1.20445.

Resistance levels: 1.2160, 1.2166, 1.2177, 1.2200 / 10, 1.2240, 1.2260, 1.2300 / 10

Current price: 1.2151

Support levels: 1.21365, 1.2124 / 225, 1.2112, 1.2096, 1.20715, 1.2058 / 565, 1.20445

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