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EUR/USDMarket NewsTechnical Analysis

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

September 18, 20231 Mins read76 Views
  • 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

Previous post USD/CHF: The Bull Domination Continues

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