The EUR/USD currency pair on the 4-hour time frame has been following a downtrend recently. The price slides to the weekly low of 1.12273 on 18 April. The price action in the EUR/USD in mainly driven by the strength in the US Dollar. Euro dropped more than 100 pips against the US Dollar in 2 days before making a recovery attempt. The recovery attempt seems weak, as the pair is still hovering around 1.12423
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, key resistance level lies at 1.13227. 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, key resistance level lies at 1.13227. Bulls must break this level in order to regain bullish sentiment in the market.