EUR/USDMarket NewsTechnical Analysis

EUR/USD: Bull Looks Good to Take the Charge

US inflation dollar euro
  • EUR/USD seems to have found its horizontal support on the H4 chart.
  • The pair has produced a Morning Star around the SMA 30.
  • The H1 chart looks bullish by making a breakout at today’s higher high.
  • Intraday minor charts have been bullish.
EUR/USD H4 Chart
EUR/USD H4 Chart

EUR/USD- Technical Analysis- H4 Chart

The chart shows that the price has been roaming around 1.09330 for a while. It reacted at this level earlier as well. As of writing, the pair produced a hammer. The current candle has been bullish so far. If it ends up being a bullish candle, the buyers may push the price towards the North. The price may find its next resistance around 1.10750.

On the contrary, if the price breaches the support and confirms the breakout, the sellers may go short in the pair and drive it towards the downside. The price may find its support around 1.08750.

EUR/USD H1 Chart
EUR/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price had multiple bounces at 1.09380. After making a bearish move, the chart produced a bullish engulfing candle at the support zone. The buyers did not wait to push the price towards the upside in a hurry with two more candles. The chart then produced an inverted hammer. As of writing, the chart is having consolidation. A bullish reversal signal may attract the buyers to push the price towards the upside. The price may find its next resistance around 1.10000.

The sellers, on the other hand, may wait for the price to make a breakout at the support. A breakout at the level of 1.09330 may change the scenario. However, as long as the level works as a support, the bear may not come into play and take the price towards the South.

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

Contact and follow Tareq on Twitter: @tareqfpn

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