EUR/USDMarket NewsTechnical Analysis

EUR/USD: A Confluence Level is Ahead

German PMI EUR/USD
  • EUR/USD has been heading towards the North by breaching the SMA 30’s resistance.
  • A bearish trend line is in play working as a resistance.
  • The H1 chart looks bullish having enough space to move towards the North.
  • Intraday minor charts have been choppy.
EUR/USD H4 Chart
EUR/USD H4 Chart

EUR/USD- Technical Analysis- H4 Chart

The chart shows that the price has been moving towards the North for a while. Additionally, it has breached the simple moving average 30’s resistance. However, the buyers do not look that sanguine to push the price towards the upside. A bearish trend line has been still working as a resistance. To go with it, there is another horizontal level, which may play a significant role to determine its next route. Notably, the pair may roam around the confluence level.

A bearish reversal signal at the confluence level may attract the sellers to go short in the pair. The price may find its next support at the swing low. On the other hand, if the pair makes a bullish breakout, the buyers may keep pushing the price towards the upside. In that case, the price may find its next resistance around 1.08600.

EUR/USD H1 Chart
EUR/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price had a rejection around 1.07850. It then, made a bearish correction and headed towards the North. This time it had rejection twice. Thus, the sellers may look to go short in the pair and drive the price towards the South. The price may find its next support around 1.07350.

On the contrary, if the price breaches the resistance, the buyers may wait for the price to confirm the breakout followed by a bullish reversal signal to go long in the pair. In that case, it may find its resistance around 1.08000.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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