FX.co ★ Fxcaptain | EUR/USD

T E C H N I C A L _ A N A L Y S I S E U R / U S D My article’s focus today is the EUR/USD market’s current price behavior. The market is currently showing mixed signals, with some indicators suggesting an uptrend while others indicate a downtrend. At the time of writing, the price of EUR/USD fluctuates between $0.9730 and $1.1200 . As the USD index is moving upwards today, EUR/USD will move downwards for sure. At the moment, the bears have maintained their dominance in the EUR/USD market. If we look at EUR/USD at this time according to the chart, at this time EUR/USD is forming a bearish candle . Current momentum indicators suggest that bearish forces are in control. Specifically, The Relative Strength Index (RSI) is pointing down and remains firmly below the 40 level . At the same time, after the USD increased in late trading, the moving average convergence divergence (MACD) for EUR/USD formed a big divergence as a result of the decline in EUR/USD prices . As evidence of my analysis, the price’s major trend is down, and it is also trading below the 20, and 50 moving averages. It can test the resistance zones .

The Initial resistance of EUR/USD may be met at the level of 1.1200 . The resistance level of 1.2472 would be the next bullish target if you were successful in breaking out of the initial resistance level . A close above 1.2472 will take the market price toward 1.3963 ahead which is the 3rd level of resistance. On the other hand, Initial support of EUR/USD may be met at the level of 0.9730 . The support level of 0.8567 would be the next bearish target if you were successful in breaking out of the initial support level . A close below 0.8567 will take the market price toward 0.8094 ahead which is the 3rd level of support. Be careful during trading and pay attention to the support and resistance areas from where the market can change its direction. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: