EUR/USDMarket NewsTechnical Analysis

EUR/USD: Bull Approaches a Massive Resistance with the Support of SMA 30

Eurozone EUR/USD ECB Fed
  • EUR/USD has been bullish on the H4 chart approaching at the last swing high.
  • The pair trades above the SMA 30’s support.
  • The H1 chart looks bullish making a significant bullish breakout today.
  • Intraday minor chars have been bullish.
EUR/USD H4 chart
EUR/USD H4 chart

EUR/USD- Technical Analysis- H4 chart

The H4 chart shows that the pair has been gradually heading towards the North. The price had a rejection earlier at 1.09650 earlier and made a long bearish correction. As the price approaches at that level, the buyers do not look at aggressive. The buyers may keep an eye for the chart to make a breakout at the last swing high to go long from the value areas. The price may find its next resistance around 1.10185.

On the downside, the sellers must wait for the chart to produce a bearish reversal candle at the last swing high. If the price breaches the simple moving average 30’s support, the sellers may go short and drive the price towards 1.08500.

EUR/USD H1 chart
EUR/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the pair has been up trending by obeying a trend line. At the last bounce, it produced a bullish inside bar and headed towards the North with good momentum. It then made a bearish correction upon finding its horizontal resistance around 1.09470. The price did not go to trend line’s support this time but made a bullish move from a flipped level of horizontal support. The buyers must consider the level of 1.09650 as far as their trade management is concerned.

A breakout above the level may generate more bullish momentum. On the other hand, if the chart produces a bearish reversal pattern at that level, the sellers may keep an eye to look for short opportunities below the trend line’s support.

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

Contact and follow Tareq on Twitter: @tareqfpn

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