The EUR/USD currency pair on the 4-hour time frame has been following a downtrend recently. The price dipped below 1.12000 on 2 April but recovered immediately. The recovery attempt was weak as the price failed to breach the last top of 1.12515 (The High of 1 April). The price action in the EUR/USD is mainly driven by the Euro weakness. As of now, the price is hovering around 1.12200 level.
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 negative sentiment in the market.
In alternative scenario, first resistance level lies at 1.12515 (The high of 1 April). Bulls must break this level with strong momentum to sustain above 1.12515 in order to regain bullish sentiment. But as of now it seems that another lower top is in the making for the EUR/USD.
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 negative sentiment in the market.
In alternative scenario, first resistance level lies at 1.12515 (The high of 1 April). Bulls must break this level with strong momentum to sustain above 1.12515 in order to regain bullish sentiment. But as of now it seems that another lower top is in the making for the EUR/USD.