EUR/USDMarket NewsTechnical Analysis

EUR/USD: Buyers Be Patient, Wait for the Next Breakout

  • EUR/USD has been bullish on the H4 chart.
  • The bull is look for its support to continue its move.
  • The H1 chart is traded around a massive resistance.
  • Intraday minor charts have been choppy.
EUR/USD H4 Chart
EUR/USD H4 Chart

EUR/USD- Technical Analysis-H4 Chart

The chart shows that the price upon finding its support around 1.05200 made a bullish move. The pair had multiple bounces at the level. At the last bounce, it produced a bullish engulfing candle and headed towards the upside with good momentum. On its way, it made a breakout at the simple moving average 30. The chart shows that it found its resistance around 1.07450. Upon finding its support, it produced a bearish inside bar. The pair seems to be bullish again. However, the buyers may push the price with momentum if it breaches the last week’s high. It may find its resistance around 1.08400.

On the contrary, if the price does not breach the resistance but makes a bearish breakout at the consolidation support, it may make a long bearish correction before finding its next support.

EUR/USD H1 Chart
EUR/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows the price trades around the last week’s high. The price action suggests that the resistance may make the chart make a bearish move. A breakout at the level of 1.07200 may drive the price towards the South. The price may find its support around 1.06750.

On the contrary, if the price breaches the last week’s high, the buyers may push the price towards the North further. In that case, it may find its resistance around 1.08000.

Considering both charts, the pair may make the buyers wait. The question is how long it takes to get bullish again. As long as the SMA 30 holds the price as a support, the pair is mainly going to be dominated by the buyers.

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

Contact and follow Tareq on Twitter: @tareqfpn

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