EUR/USD: Bull Dominates with SMA 30 Support

• 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- 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.

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