EUR/USDMarket NewsTechnical Analysis

EUR/USD: Keep an Eye on the Level of 1.08200

EUR/USD ECB Fed
A $100-dollar bill is seen on top of Euro bills in Bogota, on July 12, 2022. - The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone. (Photo by DANIEL MUNOZ / AFP) (Photo by DANIEL MUNOZ/AFP via Getty Images)
  • EUR/USD had multiple bounces at 1.08200 on the H4 chart.
  • The SMA 30 has been working as a resistance.
  • The H1 chart has been bearish heading towards the swing low.
  • 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 levelof 1.08200 has been working as a support, where the price had bounced thrice. Upon producing a hammar, the price headed towards the SMA 30’s resistance. As expected, the price found its resistance at the SMA 30 and produced a bearish inside bar. Since then, it has been heading towards the South. The sellers may wait for the price to breach the swing low to go short in the pair. A bearish breakout may take the price towards the level of 1.07600.

On the contrary, the buyers must wait for the chart to produce a strong bullish reversal pattern to go long in the pair. A bullish breakout at the SMA 30 may change the scenario. As things stand, it may take time to happen.

EUR/USD H1 Chart
EUR/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair begun its trading with a bearish adjustment. The pair trades below the level of 1.08460, which has been a significant level. As of writing, the price consolidates around it. The sellers may wait for the chart to produce a bearish reversal candle to go short in the pair. The price may find its support around 1.08130.

On the contrary, if the price goes above the level, the buyers may look to go long in the pair and push it towards the last swing high.

Considering both charts, it seems that the pair may head towards the downside and remain bearish for some days. The level of 1.08200 is going to be under the spot light here.

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

Contact and follow Tareq on Twitter: @tareqfpn

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