EURUSD showing signs that it wants to explore higher ground

EUR/USD:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [1.6038]) and demand at 1.0488/1.0912.

April spent the best part of the month feasting on the top edge of 1.0488/1.0912, squeezing out a Japanese hammer candlestick pattern, typically viewed as a bullish reversal signal. May, as you can see, is recovering off worst levels, on track to form another Japanese hammer candlestick pattern out of current demand.

With reference to the primary trend, price has exhibited clear lower peaks and troughs since 2008.

Daily timeframe:

Partially altered from previous analysis -

Against the $, the euro finished higher Thursday, dethroning the 200-day simple moving average at 1.1010 and perhaps building a foundation for additional upside to supply at 1.1239/1.1179, stationed just under another area of supply at 1.1323/1.1268 and trendline resistance (1.0879).

Before reaching this far north, a retest at the 200-day simple moving average is a possibility.

H4 timeframe:

Recent development on the H4 chart saw buyers elbow through a familiar supply at 1.1057/1.1013 and a trendline resistance (1.0968), throwing light on another area of supply coming in from 1.1189/1.1158, a rally-base-drop supply zone that unites closely with a 161.8% Fib ext. level at 1.1154.

Traders may want to chalk in the possibility of a retest forming off the recently penetrated trendline resistance as support.

H1 timeframe:

A broad move lower in the US dollar index Thursday ultimately lifted EUR/USD northbound, nudging to highs at 1.1093 following a retest seen at the widely watched round number 1.10.

Buying today could see buyers and sellers go head to head at 1.11; a turn lower, nonetheless, shines light on 1.1050 as support, with a break uncovering demand at 1.1033/1.1016 (prior supply).

Structures of Interest:

Seeing monthly price display scope to push out of demand at 1.0488/1.0912, and daily toppling the 200-day simple moving average, together with H4 price conquering supply and trendline resistance, this could propel EUR/USD to 1.11 today.

A dip to 1.1050 or H1 demand at 1.1033/1.1016, therefore, could prove healthy intraday platforms to consider today.

Chart PatternsTechnical IndicatorsTrend Analysis

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