See also
EUR/USD is trading around 1.2050, rising from the lows as the US dollar is dragged down by falling Treasury yields. The euro benefits from the EU's intention to loosen travel restrictions amid vaccination progress. The US ISM Manufacturing PMI is eyed.
Momentum on the four-hour chart has turned to the downside and the currency pair dipped below the Month old ascending trendline. The Relative Strength Index (RSI) also sheds ground, but it is holding above 30 – thus outside oversold conditions.
On the flip side, the development of MACD indicator (bearish divergence) hints at swelling downside momentum.
Critical support is at 1.1990, just below the psychological barrier of 1.20. That was a clear separator of ranges last month. It is followed by 1.1950, 1.1930, and then 1.1860.
Some resistance is at 1.2070, a significant support resistance line from last week, and then 1.2110, both swing highs on the way up. The April peak of 1.2150 is the next level to watch.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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By looking at the 4-hour chart of the EUR/JPY cross currency pair, it appears that in the near future EUR/JPY has the potential to strengthen, which is confirmed
Early in the American session, the EUR/USD pair is trading around 1.1378 within the downtrend channel formed on April 17 and showing signs of exhaustion of bullish strength. A technical
Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful
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