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Dollar moves under pressure after shake out of bullish positions

the euro broke up its 50-4hour moving average which is a sign of strength .The euro changed its trend from up to sideways on 4-hour chart. Current resistance stands at the area between 1.2447$ &1.2631$, second resistance is in the area between 1.2770$& 1.2930$ and the main resistance stands at 1.3029$.The recent price bottom failed to touch the middle boundary of the Bollinger Bands which confirms the price strength .The MACD indicator broke up its zero level which is also a sign of strength. The RSI indicator failed to touch its middle line which signals more gains. On the downside, current support lies at the area between 1.2361$ & 1.2246$, second support is 1.2133$ and the main support lies at 1.2042$.

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Amana Capital Group is a Financial Services Group specialized in providing brokerage services in international financial markets namely currencies, commodities, and stock indices. The Group operates several entities regulated and authorized by reputable regulatory bodies.

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