EUR/USDMarket NewsTechnical Analysis

EUR/USD: Bear Looks to Take Over amid Bull’s Zone

EUR/USD ECB Fed
A $100-dollar bill is seen on top of Euro bills in Bogota, on July 12, 2022. - The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone. (Photo by DANIEL MUNOZ / AFP) (Photo by DANIEL MUNOZ/AFP via Getty Images)
  • EUR/USD has been bullish on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart trades around a horizontal resistance.
  • 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 bullish upon producing a double bottom. At the second bounce, it produced a bullish engulfing candle. Since then, it has been heading towards the North. On its way, it has breached the simple moving average 30. As of writing, the pair trades above the moving average. Thus, the buyers may keep their eyes on the pair to go long and push the price towards the North. The price may find its resistance around 1.10000.

On the contrary, if the price breaches the SMA 30, the sellers may wait for the price to confirm the breakout followed by a breakout confirmation to go short in the pair. The price may find its support around 1.08500.

EUR/USD H1 Chart
EUR/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been roaming around 1.09070 for quite a while. The level worked as a resistance earlier as well. Thus, the sellers may keep their eyes on the price action to go short upon having a bearish signal. The price may find its support around 1.08700.

On the contrary, if the price continues its bullish move by making a breakout at the level of 1.09700, the buyers may push the price toward the North with more momentum. The price may find its resistance around 1.09350.

Considering both charts, it looks that the pair may continue its bullish move. However, the pair trades around significant levels on the both charts. Thus, one strong bearish move may change the whole scenario and make the pair bearish for a while.  

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

Contact and follow Tareq on Twitter: @tareqfpn

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