Based on the 4-hour chart for EURUSD, the currency pair is trading near the upper Bollinger band at 1.05426, indicating potential overbought conditions. This is further emphasized by the proximity to the upper band level of 1.05586. The MACD line, currently at 0.00016, has recently made a bullish crossover above its signal line positioned at -0.00070, suggesting an upward momentum. The histogram’s value of 0.00087 confirms this bullish momentum. Meanwhile, the RSI, standing at 56.81, does not reflect overbought or oversold conditions but aligns with a moderate upward trend. In summary, the indicators collectively point to a possible continuation of the bullish momentum. However, approaching the upper Bollinger band could result in some resistance or short-term pullback. Traders should be cautious and monitor for potential reversal signs or consolidations.
• There is a resistance level at 1.06300; followed by resistance at 1.05960 and 1.05610.
• There is a support level at 1.05130. Below, there are 1.04520 and 1.02735.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
October 6, 2023