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EUR/USD – Bullish Sentiment Showing Some Positive Signs

EUR/USD – Bullish Sentiment Showing Some Positive Signs

The EUR/USD pair is trading below its downward trend line on a 4 hour time frame. This confirms that the trend is towards the downside and as long as the price is unable to break this towards the upside, the odds will be stacked in favour of the bearish sentiment. The price is also trading within the Bollinger band and this confirms that the volatility is low for the pair.

The RSI and MACD which are the momentum indicators and confirms if the current price has any momentum behind them. They are trading in line line with the recent price action which means that the bullish sentiment is picking up some steam.

EURUSD Chart

Important zones

1.1061-1.1004 Support

1.1568-1.627 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

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