The EUR/USD currency pair on the 4-hour time frame has been following a downtrend. The price dipped below the key psychological level of 1.12000 on 24 April to register the lowest level of period under study at 1.11189. Strength in the US Dollar is the main reason behind recent bearish move in the EUR/USD. The price is currently hovering around 1.11440 after a weak recovery attempt.
The 4-hour chart of the EUR/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 1.12235. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the EUR/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 1.12235. Bulls must break this level in order to regain bullish sentiment in the market.