EUR/USDMarket NewsTechnical Analysis

EUR/USD: Sellers Wait for the Price to Find its Resistance

  • EUR/USD is having a bullish correction on the H4 chart.
  • The Simple Moving Average 30 has been working as resistance.
  • The H1 chart looks choppy.
  • Intraday price action has been bullish.
EUR/USD H4 Chart
EUR/USD H4 Chart

EUR/USD- Technical Analysis-H4 Chart

The H4 chart shows that the pair has been bearish on the H4 chart for some weeks. It had a bounce at 1.06330 last week. Since then the price has been gradually moving towards the North. The sellers may be waiting for the price to produce a strong bearish reversal pattern around the SMA 30 to go short in the pair. If that happens, the pair may make another bearish move and ends up making a new lower low. The price may find its next support around 1.05800.

On the upside, if the price makes a bullish breakout at the SMA 30 and makes a confirmation followed by a bullish reversal pattern, the pair may get bullish. In that case, it may find its resistance around 1.08440.

EUR/USD H1 Chart
EUR/USD H1 Chart

Price Action Analysis- H1 Chart

The H1 chart shows that the price made a strong bearish move earlier by obeying a trend line. Upon finding its support, it has been heading towards the North to make a correction. Trend line’s resistance offers enough space for the price to travel towards the upside. Thus, intraday traders may look to go long and push the price towards the North. However, the H1 traders may keep their eyes on the pair to go short around the trend line’s resistance upon getting a bearish reversal pattern. The price may find its next support around 1.06000.

On the contrary, if the price makes  a bullish breakout at the trend line, the buyers may get themselves involved to buy the pair and push the price towards the upside further. In that case, it would generate good bullish momentum.

Considering both charts, the bear has an edge. However, the bull may continue its move unless the sellers find their strong ground to start selling the pair again.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.