EUR/USD

EUR/USD: Bull Dominates with SMA 30 Support

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 heading towards the North after a long bearish move.
  • The pair trades above the SMA 30’s support on the H4 chart.
  • The h1 chart has been up trending by obeying a trend line.
  • Intraday minor charts have been looking for a direction.
EUR/USD H4 Chart
EUR/USD H4 Chart

EUR/USD- Technical Analysis- H4 Chart

The chart shows that the pair has been up trending upon breaching the simple moving average 30’s resistance. The buyers may keep their eyes on the pair to go long from the value areas. As things stand, the pair may find its next resistance around 1.09000.

For the sellers, it seems that they have to wait for the chart to make a strong bearish move breaching the swing low to get short opportunities. If the price breaches the level of 1.07230, it may find its next support around 1.06600. Since, it will be a breakout at the swing low, so the pair may extend its bearish move and keep making news swing lows.

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 engulfing candle. Since then, it has been heading towards the North with moderate momentum. As of writing, the pair has been having a bearish correction searching for its support. A bullish reversal pattern at the value areas may attract the buyers to go long in the pair. The price may find its next resistance around 1.08700.

On the contrary, if the price breaches the trend line, the sellers may find short opportunities upon having breakout confirmation. As things stand, it seems that the pair may need time to be able to make a breakout at the trend line. Thus, the sellers may not find themselves in a position to go short in the pair soon.

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

Contact and follow Tareq on Twitter: @tareqfpn

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