Paying attention to the 4-hour chart we can notice that:
Now let's look at the indicators:
The currency pair has moved significantly away from the moving averages with periods 34, 55, 89 and 144, which are pointing upwards and indicating a continued bullish sentiment, and are near the support levels of 1.06145, 1.0601, 1.0591 and 1.05745.
The MACD histogram is still in the positive zone and well above its signal line, continues to rise intensively and thus gives a buy signal for the Euro (EUR).
The stochastic oscillator is in the overbought area and is forming an opposite signal as the %K line has started to fall below the %D line.
Due to the contradiction in the signals given by the indicators, as well as the slowdown in the growth of quotes, as a confirmation that the forex market in the EUR/USD currency pair may become more bullish, it is necessary to wait for the breakdown of the resistance level of 1.0736, which can open the way to the levels of 1.07935 and 1.08425.
Otherwise, the bears may retake the initiative and their targets will be 1.06675 and 1.0620.
Resistance levels: 1.0736, 1.0746, 1.07535, 1.07935, 1.0805, 1.08425.
Current price: 1.0735
Support levels: 1.07215, 1.06935, 1.06785, 1.06675, 1.0647, 1.0620, 1.06145
- almost all of last Friday, the EUR/USD currency pair was dominated by bullish sentiment, as a result of which our targets (1.06675 and 1.0728)
- were worked out, only at the level of 1.0736 there was a noticeable resistance for the euro (EUR)
Now let's look at the indicators:
The currency pair has moved significantly away from the moving averages with periods 34, 55, 89 and 144, which are pointing upwards and indicating a continued bullish sentiment, and are near the support levels of 1.06145, 1.0601, 1.0591 and 1.05745.
The MACD histogram is still in the positive zone and well above its signal line, continues to rise intensively and thus gives a buy signal for the Euro (EUR).
The stochastic oscillator is in the overbought area and is forming an opposite signal as the %K line has started to fall below the %D line.
Due to the contradiction in the signals given by the indicators, as well as the slowdown in the growth of quotes, as a confirmation that the forex market in the EUR/USD currency pair may become more bullish, it is necessary to wait for the breakdown of the resistance level of 1.0736, which can open the way to the levels of 1.07935 and 1.08425.
Otherwise, the bears may retake the initiative and their targets will be 1.06675 and 1.0620.
Resistance levels: 1.0736, 1.0746, 1.07535, 1.07935, 1.0805, 1.08425.
Current price: 1.0735
Support levels: 1.07215, 1.06935, 1.06785, 1.06675, 1.0647, 1.0620, 1.06145
Triangle 8th Return Today:
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