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Overview:
On the four-hour chart, the EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1717.
Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
The bias remains bearish in the nearest term testing 1.1660 and 1.1626.
Immediate resistance is seen around 1.1717 levels, which coincides with the weekly pivot.
Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1717.
So it will be good to sell at 1.1717 or 1.1660 with the first target of 1.1600. It will also call for a downtrend in order to continue towards 1.1577. The strong weekly support is seen at 1.1530.
However, if a breakout happens at the resistance level of 1.1773, then this scenario may be invalidated.
At the same time, the breakdown of 1.1773 will allow the pair to go further up to the levels of 1.2011 in order to retest the weekly double top in coming days.
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