Technical Analysis

EUR/USD: Horizontal Resistance Holds the Key

  • The pair has been up trending by obeying a bullish trend line in the H4 chart
  • SMA 30 has been working as a support in the H4 chart
  • The price had a bounce at a flipped level of support in the H1 chart
  • A strong horizontal resistance is ahead
EUR/USD- H4 Chart

EUR/USD- H4 Chart

EUR/USD H4 Chart Obeys a Bullish Trend Line

EUR/USD has been bearish for the last three weeks in the H4 chart. The pair had a bounce at 1.09000 last week and made a bullish move. On its way, it made a bullish breakout at Simple Moving Average 30. Moreover, the price has been obeying a bullish trend line in the H4 chart. Thus, the buyers may keep their eyes in the pair to go long and push the price towards the North. The H4 chart shows that the price had reacted at 1.10400 several times. Thus, the pair may find its next resistance around that level. A bullish breakout at that level may push the price towards the upside with good bullish momentum. However, if the price makes a bearish breakout at the up trending trend line, the pair may get choppy within the horizontal support of 1.09000.

EUR/USD-H1 Chart

EUR/USD-H1 Chart

H1 Horizontal Support Holds the Price

The H1 chart shows that the level of 1.09630 has been working as a level of support. It has produced a bullish Inside Bar and pushed the price towards the North with good bullish momentum. The pair is traded below today’s higher high as of writing this analysis. A bullish breakout at today’s higher high may attract more buyers to push the price towards the last week’s higher high. On the other hand, if the price finds its resistance at today’s higher high at 1.10150, the pair may get choppy and end up producing a Doji candle in the daily chart.

Considering these two charts, the Bull seems to have an upper hand. However, the horizontal resistance at 1.10400 may hold the key, which could be the determiner to find its next route.    

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

Contact and follow Tareq on Twitter: @tareqfpn

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