- EUR/USD has been bearish on the H4 chart.
- The pair trades below the Simple Moving Average 30.
- The H1 chart looks very bearish.
- Intraday minor charts have been bearish.
EUR/USD- Technical Analysis-H4 Chart
The H4 chart shows that the price has been heading towards the South with good bearish momentum. It trades below the SMA 30. Thus, the sellers may look to go short in the pair from the value areas. The chart suggests that the pair may consolidate around 1.05000. A breakout below that level may generate more bearish momentum and attract more sellers. If the price breaches 1.05000, it may find its next support around 1.03120.
On the upside, if the price goes above the SMA 30, the buyers may look to go long upon having breakout confirmation. As things stand, it may take time to offer long entries to the buyers.
Price Action Analysis- H1 Chart
The chart shows that the price has been heading towards the South in a hurry. As of writing, the pair trades around 1.04940. This is a massive support. The price reacted at this level several times. The buyers may keep their eyes on the pair to go long if the level produces a bullish reversal pattern. The price may find its resistance around 1.05500.
On the downside, the sellers may wait for the price to make a bearish breakout at the support level to go short upon having breakout confirmation.
Both charts look good for the sellers. However, they must consider the support level. It may change the whole scenario. However, if it gets broken, then the pair may remain bearish for some days.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn