EUR/USD (a 4-hour chart)
We have seen the same trend for several weeks: when the price increases too high, bears enter the market and actively sell and as soon as the market falls too low, bulls rush to open long positions.
There was observed the Germany/USA and Germany/UK 10-year bonds yields moderate reduction on the debt market which is a positive factor for the euro.
The trade is towards the key resistance of 1.0790. A consolidation was formed below it.
The price is finding the first support at 1.0670, the next one is 1.0550. The price is finding the first resistance at 1.0790, the next one is at 1.0925.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows an upward movement and form a “Dead Cross”.
The MACD indicator is in a neutral territory. The price is consolidating.
The approach to the level of 1.0790 may lead to a price rebound down. The potential rebound targets are the support levels of 1.0670, 1.0550.