EUR/USDMarket NewsTechnical Analysis

EUR/USD: The Bear Eyes to Break Last Week’s Low

  • EUR/USD has been bearish on the H4 chart.
  • The pair trades around last week are low.
  • Intraday price action has been choppy.
EUR/USD H4 Chart
EUR/USD H4 Chart

EUR/USD- Technical Analysis-H4 Chart

The pair after being bearish found its support around 1.07700 and made a bullish move. On its way, it breached the Simple Moving Average 30 and traded above that for a while. However, the price has breached the SMA 30 again. As of writing, the pair traded below that moving average. Thus, sellers may keep their eyes to go short on the pair from value areas. The pair trades around last week’s low, which has potential to hold the price as a support and push the price towards the North. However, if the price breaches the level, the sellers may be keen to go short on the pair and drive the price towards the South. The price may find its next resistance around 1.06680.

On the upside, if the level holds the price and makes a breakout at the SMA 30, the bull may take over and push the price towards the North.

EUR/USD H1 Chart
EUR/USD H1 Chart

Price Action Analysis H1 Chart

The chart shows that the price has been bearish by obeying a trend line. At the second rejection, it produced a bearish inside bar followed by a massive bearish candle. As expected, the price found its support around 1.07700, where it had a bounce earlier. It pushed the price towards the North as well. A breakout below 1.07700 may add fuel to its bearish move. However, if the support continues to push the price towards the North, trend line’s resistance may come into play and drive the price towards the South again. The sellers may keep their eyes on the trend line’s resistance to get a strong bearish reversal pattern to go short. The price may find its next support around 1.07000.

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Your email address will not be published.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

Fidelcrest video review

Play Video

Related Articles

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts,...

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds...

Dollar Reaction to Inflation Figures and Unemployment Claims

Recent U.S. inflation and unemployment data led to mixed dollar movement, with...

Aussie Dollar Up on Retail Sales, Japan Sees Inflation Surprise

Aussie retail sales disappoint, Japan inflation jumps. Currencies & commodities face data,...

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

Euro Down EU Inflation
Market News

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts, while EUR/USD tests critical level at 1.0800.

Yen Wage Negotiations ECB Meetings
Market News

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds support before ECB meeting next week.

Copyright © 2023 Forex Prop News. All Rights Reserved.