The EUR/USD pair has broken its upward channel on a 4 hour time frame. The price is trading below its downward trend line and this is a confirmation that the bias is skewed towards the downside. We are also trading within the Bollinger band and this reflects that the volatility is low.
The RSI is showing some sign of divergence as the price has made the lower low, but the momentum indicator has not backed that move. This confirms that the current price action does not have much of selling pressure behind it.
Important zone
1.0739-1.0710 Minor Support
1.0559-1.0523 Major Support
1.1062-1.1031 Minor Resistance
1.1387-1.1352 Major Resistance
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam