EUR/USD trading talks February 13
Euro Dollar has a quite interesting situation this week. The long-awaited decline towards the 1.07000 support has taken place, and now the price is even lower, at 1.06760. The EMA 200 level on the four-hour chart provided proper support, as I expected, but nevertheless it was broken and is now above the price level, which certainly indicates a possible continuation of the decline. But it is also important to note that falling to the levels of EMA 100 and EMA 200 on the daily chart will be possible only in case of a confident breakout of the current key level. I will set the marker level 1.06500, and its breakout will signal a further fall to 1.05810 and below 1.05200 (daily EMA levels). It’s also important to note that on the four-hour and hourly charts, the EMA levels are located above the current price, which may mean some pressure on the price as resistance.
MACD divergence is developing on the 4-hour chart, it gives a reason to consider a short-term increase for a possible test of resistance now or in case of a decline, I expect a corrective movement this week. On the daily chart, the MACD also indicates a divergence, but it signals a further decline.
I also updated the trend channel lines and now it is clear that the price is in the trend support area, and further decline will be a breakout of the uptrend channel.
