EUR/USDMarket NewsTechnical Analysis

EUR/USD: Bull Makes Correction, Bear Looks for Its Ground

German PMI EUR/USD
  • EUR/USD has been bearish on the H4 chart by obeying the SMA 30.
  • The chart shows it has enough space to continue its move.
  • The H1 chart has found its resistance at a flipped level.
  • Intraday minor charts have been choppy in Tokyo session.
EUR/USD H4 chart
EUR/USD H4 chart

EUR/USD- Technical Analysis- H4 chart

The chart shows that the price has been heading towards the South for a while. It had a bounce at 1.07550 and made a bullish correction. Upon producing a bearish marubozu candle, it resumed its bearish journey again. The level of 1.07220 has worked as a level of support and has driven the price towards the North. The sellers are to wait for the chart to produce a bearish reversal candle to go short in the pair. The price may find its next support around 1.06700.

On the contrary, if the chart continues to make its bearish correction and ends up making a bullish breakout at the SMA 30, the buyers may look to go long upon having breakout confirmation followed by a bullish reversal pattern.

EUR/USD H1 chart
EUR/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price after making a bullish correction has founds its resistance around 1.07720. It produced a bearish inside bar. The sellers on the minor charts have been driving the price towards the South. If it goes like this, it may find its next support at the last swing low. However, if the price goes back to the resistance and produces a strong bearish reversal candle, it may head towards the South with good momentum and make a breakout at the swing low. In that case, the price may find its support around 1.07000.

A breakout at the level of 1.07720 may make the pair get sluggish. Buyers on the H1 chart may not find long opportunities since the chart shows that there are too many barriers to break through to offer long entries with lucrative risk-reward.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S....

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%,...

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%,...

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Asian Stock Plummet as Nikkei Leads with 3% Drop
Market News

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S. tech stocks also suffered significant declines.

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Copyright © 2023 Forex Prop News. All Rights Reserved.