- 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- 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.
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