EUR/USD Upside Breakout In Cards

EUR/USD Upside Breakout In Cards

EUR/USD moves somehow sideways in the short term. It’s located at 1.1796 level higher versus 1.1779 today’s low. The price action signaled that the pair could resume its rebound. It remains to see how the pair reacts around the ECB monetary policy meeting.

Definitely, the Monetary Policy Statement and the ECB Press Conference could bring high volatility and sharp movements in EUR/USD. Also, the US Unemployment Claims and the Euro-zone Consumer Confidence could bring more action.

EUR/USD H4 Chart Technical Analysis!

EUR/USD has found strong support around the weekly S1 (1.1755). Registering only false breakdown with great separation below this level, EUR/USD signaled a potential upside movement.

It has escaped from a minor down channel and now it could move towards the Falling Wedge’s resistance. Technically, the previous H4 candle signaled strong buyers in the short term.

EUR/USD has registered a false breakdown with great separation below the down channel’s resistance and most importantly below 1.1781 static support.

Conclusion!

A new higher high could activate a bullish momentum and could attract more buyers. Only a valid breakout above the next downtrend line could really validate a larger growth.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.