- EUR/USD H4 Chart has been bullish.
- The pair is approaching at a massive resistance.
- The H1 chart looks bullish as well.
- Intraday minor charts have been bullish in the New York Session.
EUR/USD- Technical Analysis- H4 Chart
The chart shows that the price has been heading towards the North with a moderate pace. It consolidated around the simple moving average 30 and produced a bullish engulfing candle. After that, it produced two consecutive bullish candles as well. However, by looking at the chart, it seems that the price may find its resistance around 1.06350. The price had a massive rejection at that level earlier.
The sellers may wait for the price to produce a bearish reversal pattern followed by a breakout at the SMA 30. The price may head towards the downside and find its support around 1.05000.
On the other hand, if the price breaches the resistance, the buyers may wait for the chart to produce a bullish reversal pattern at the breakout level to go long. The price may find its next resistance around 1.07000.
Price Action Analysis-H1 Chart
The chart shows that it has been heading towards the North by obeying a trend line. At the second bounce, it consolidated there for a while, then made a good bullish move. As the H4 chart shows that the price is approaching at a massive resistance, the buyers on the H1 chart may wait for the price to give a clear indication whether to go long from here. A bullish breakout may attract the buyers to keep going long from here.
On the other hand, a bearish reversal pattern may attract the sellers to keep an eye on the pair to look for short opportunities. A breakout below the trend line may generate bearish momentum and drive the price towards the South. The price may find its support around 1.05600.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn