EUR/USD (a 4-hour chart) -Technical Analysis for 19.07.2016
19/07/2016 // 10:20:18 am
There is a certain level of optimism in the market that the Fed will increase the rate this year, which assisted the dollar. Investors have assessed the odds of rate hike by 42%.
4 Hours Chart shows that the pair is in the span between the marks 1.1000 and 1.1170. The Euro continues to stand within the middle-term declining channel. The instrument built a firm support around 1.1000 (a compelling psychological level). The resistance can be seen at 1.1130 and the support exists at 1.1050.
MACD lies in the negative area. The dropin the histogram indicates the strength of the seller. RSI recovered from the oversold area, and the growth of its single line indicates the growing strength of the buyer.
The price is in close proximity to the 50-EMA which is acting as a resistance. The declining moving averages (50, 100 and 200) shows sell signal.
If the pair breaks the support of 1.1000, the instrument EUR/USD will decline to 1.0900. A break above 1.1130 will ascend the pair to 1.1200.
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