- EUR/USD has been bearish on the H4 chart upon having a rejection at 1.10000.
- The pair trades below the SMA 30’s resistance.
- The H1 chart looks choppy, yet to find its direction.
- Intraday minor charts have been choppy as well.
EUR/USD- Technical Analysis- H4 chart
The chart shows that the price had a rejection around 1.10000. It made a strong bearish move and breached the SMA 30’s support. As expected, the price had a bounce at 1.08500. It is a significant level, where the price reacted several times. As of writing, the pair is traded above the level. The sellers may wait for the price to make a breach at the level to go short again in the pair. The price may find its support around 1.07450. On the contrary, if the level holds the price as a support and the price makes a breach at the SMA 30’s resistance, the buyers may find some long opportunities. In that case, the level of 1.10000 will be key level to watch for.
Price Action Analysis- H1 Chart
The chart shows that the price has been bearish on the H1 chart by obeying a trend line. Ot the last move, it made a breakout at 1.08850 and headed towards the South in a hurry. However, it found its support and produced a bullish engulfing candle closing within the breakout level. The level has now been working as a flipped resistance. The sellers may keep their eyes to go short from that zone. The price may end up making a new lower low and find its support around 1.07800.
On the upside, it does not look that good for the buyers. If it makes a breach at the horizontal resistance, it may find its next resistance around the trend line. It means the price does not have enough space to travel towards the North.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn