EUR/USDMarket NewsTechnical Analysis

EUR/USD: Bull Resumes Its Run Again, How Far Does It Go?

EUR and USD Pair over black background with arrow symbol of exchange
  • EUR/USD has been bullish on the H4 chart making a significant bullish breakout.
  • The simple moving average 30 has been working as a support.
  • The H1 chart looks bullish obeying a trend line.
  • 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 pair has been up trending on the H4 chart for quite a while. It consolidated around 1.08850 and then made a bullish breakout at the consolidation resistance. Ideally, the buyers are going to wait for the price to come back at the breakout level and produce a bullish reversal pattern at the flipped support to go long in the pair. The pair may find its next resistance around 1.10300.

However, the pair may continue its bullish move based on the other minor charts. In that case, the H4 buyers are to wait for the price to produce bullish reversal pattern at the other value areas.

EUR/USD H1 chart
EUR/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. At the last significant bullish move, it did not produce its bullish reversal signal at the trend line’s support though. However, the buyers may count the trend line and integrate with their trading decision. The horizontal flipped support at 1.08850 looks very prominent on the H1 chart as well. Thus, the buyers based on the H1 chart are going to keep their eyes on the pair to go long and push the price towards the North further. The price may find its resistance around 1.09800.

On the other hand, if the price breaches the horizontal support, it may get choppy. The sellers may have to wait for the H1 chart to produce a strong bearish reversal pattern such as double top and makes a bearish breakout at the trend line’s support to find short opportunities.

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Your email address will not be published.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

Fidelcrest video review

Play Video

Related Articles

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while...

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with...

Crypto Stock Surge as Market Hits New Highs

Bitcoin and Ethereum surge to $57k and $3,275 respectively, driven by strong...

USD/CAD: H1 Support is in Play

USD/CAD -Technical Analysis- H4 Chart The chart shows that the price made...

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

Dow Nasdaq Hang Seng
Market News

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while Hang Seng Index rallies above 100-day SMA.

Gold US PCE
Market News

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with investors eyeing the upcoming US PCE data release.

Copyright © 2023 Forex Prop News. All Rights Reserved.