Good day traders!
Lets look at the chart below.
Here is an early analysis of the euro dollar on the 4 hour charts. Price is looking a lil bit bearish right now as the euro have just broken the rising pennant that I have marked in purple. Three candles before this current one, euro was supported by the 38.2% fib level. That support didn’t hold and now we might see more bearish moves in the euro.
I am looking at the euro testing the 23.6% fib level at 1.27647. Other indicators like the MACD histogram and stochastics seems to favor the bears too.
With prices trading below the main pivot, the bearish mood is kinda strong. Price need to move above 1.288 for it to resume its bullish momentum. This will take a lot of bullish will as a number of resistance is in place, including a downward trending line which is stretched back from the 1.3335 highs.
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