The EUR/USD chart has recently displayed bullish tendencies, but how long can this upward trend continue? Our previous weekly technical analysis anticipated a reaction at the support level of 1.09098. As expected, the price reached this demand zone on April 17th, indicating significant buying pressure.
While the daily timeframe seems bullish, the pair hit a critical resistance level at 1.10422. Price is currently trading above the 20-day EMA, but the MACD histogram shows weakening momentum, suggesting the support level of 1.09098 might fail soon.
The 4-hour EUR/USD chart displays sideways movement within the 1.09098 and 1.10422 range. The 1-hour chart reveals a failed support level at 1.10090, now acting as resistance. A rejection at this level could lead to a break below the uptrend line, testing the main support at 1.09098, with potential for a bearish move.
Several factors could influence the EUR/USD price next week, including the crucial support level of 1.0930, the S&P Global Composite PMI in the US, the ongoing natural gas shortage in the Eurozone, and geopolitical events such as trade disputes. Keep an eye on upcoming high-impact news events to stay informed and trade responsibly.
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While the daily timeframe seems bullish, the pair hit a critical resistance level at 1.10422. Price is currently trading above the 20-day EMA, but the MACD histogram shows weakening momentum, suggesting the support level of 1.09098 might fail soon.
The 4-hour EUR/USD chart displays sideways movement within the 1.09098 and 1.10422 range. The 1-hour chart reveals a failed support level at 1.10090, now acting as resistance. A rejection at this level could lead to a break below the uptrend line, testing the main support at 1.09098, with potential for a bearish move.
Several factors could influence the EUR/USD price next week, including the crucial support level of 1.0930, the S&P Global Composite PMI in the US, the ongoing natural gas shortage in the Eurozone, and geopolitical events such as trade disputes. Keep an eye on upcoming high-impact news events to stay informed and trade responsibly.
Please hit the boost to support and follow me! for more updates.
Trade active:
EURUSD is currently at the highlighted supply/resistance zone of 1.10090. Let's see how the price reacts around this level. Hopefully, it holds the price.
