EUR/USDMarket NewsTechnical Analysis

EUR/USD: Bear Marches amid Bull’s Territory, Bull Waits for Its Ground

EU GDP Data Euro Decline
  • EUR/USD has been on a strong bearish correction.
  • The pair is approaching at a horizontal level, which may hold the price as a support.
  • The H1 chart has been bearish and has enough space to make another move.
EUR/USD H4 chart
EUR/USD H4 chart

EUR/USD- Technical Analysis- H4 chart

The chart shows that the pair after being bullish made a strong bearish move. The level of 1.08900 seems to be working as a support. The chart produced a doji candle. It may consolidate here for a while. However, the simple moving average offers still some space for the price to travel towards the downside. The chart also shows that the level of 1.08500 being a significant level may hold the price as a support.

Traders are to keep their eyes on the price action around that level to make trading decisions. If the level produces a bullish reversal pattern, the price may head towards the North and find its resistance around 1.10000.

On the contrary, if the price breaches the level, the sellers may look to go short and drive the price towards the downside. The price may find its next support in that case around 1.07550.

EUR/USD H1 chart
EUR/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price after being bearish has found its support at 1.08900. As of writing, the price has been having a bullish correction. Upon finding its resistance, it may continue its bearish move again. Thus, the sellers may keep their eyes on the pair to get a bearish reversal pattern at the value areas. The price may find its next support around 1.08300.

On the contrary, if the price finds its support again at 1.08900 and ends up producing a double bottom, it may head towards the North and find its resistance at the last swing high at 1.10000.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.