Euro Under Selling Pressure
The euro-dollar has been under immense selling pressure and the intra-day chart (4-hour) shows this picture. The price is trading below the downward trend line shown in the orange line. As long as the price continues to trade below the downward trend line, the odds are in favour of bears. It is important to pay attention to the support zone (shown in pink), this support zone confirms that there could be strong buy orders sitting at this level. More recently, the price literally touched this zone and bounced back up and as long as the price doesn’t break this support zone, there are strong chances that the price may move above the 1.1520 mark.
The RSI is trading above the upward trend line and a break of this line would be a bearish signal. The Balance of Power signal shows that the bulls have the control but the momentum is fading.
The support is shown by the green horizontal line and the resistance is shown by the red horizontal line.
Dollar-Yen Broken It’s Downward Channel
The dollar-yen pair has broken the downward channel on a 4-hour time frame. The price has not only broken out of the downward channel to the upside but also it has moved higher the 50 and 100-day moving average (shown in yellow and green respectively). Another bullish sign would emerge when the 50-day moving average moves above the 100-day moving average.
In terms of momentum, both the RSI and Balance of Power are confirming this stance that the bulls are in control of the price.
The support is shown by the green horizontal line and the resistance is shown by the red horizontal line.
