- EUR/USD seems to have found its support at a horizontal level.
- The pair trades above the simple moving average 30.
- The H1 chart looks choppy.
- Intraday minor charts may get bullish.
EUR/USD- Technical Analysis-H4 Chart
The chart shows that the price found its support around 1.04500 and made a bullish move. It then came down to make a bearish correction. The price breached the simple moving average 30, but went back up within the next H4 candle. The candle closed above the last bearish candle making it an engulfing one. However, the buyers were not sanguine to push the price towards the North. The price rather came down again to make a bearish correction. As of writing, it has had a bounce at 1.05250. The level may hold the price as a support and push the price towards the North if it ends up producing a bullish reversal candle.
Notably, the SMA 30 stays further down. It means the price has not made it a support. That may hold back some buyers. Eventually, the next move towards the North may not make a new higher high. The price may find its resistance again around 1.06000.
Price Action Analysis- H1 Chart
The chart shows that the price found its support around 1.05230. It has produced a double bottom making a breakout at the neckline at 1.05430. It may attract the buyers to keep an eye on the pair for long opportunities. If the price gets bullish from here, it may find its next resistance around 1.05730.
On the other hand, if the price breaches 1.05230, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern to go short in the pair. The price may find its support around 1.04900.
The H4 chart favours the buyers. However, the price is not trending from the zone they would like. The H1 chart looks good for the buyers. Thus, the pair may get bullish. However, the next bullish move may not be a long one.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn