Forex Technical Update
The EUR/USD found support at the 1.31 level. There was an initial break of a very short-term trendline, after which the market failed to sustain the break and rallied. The chart above shows an adjusted trendline connecting to low near 1.31. Now in the 4/24 European- US trading session, the market appears to have established another support pivot at 1.3150. With the EUR/USD now pushing toward 1.32, the market is building some bullish bias in the short-term with upside risk toward 1.33, if it can clear the 1.3225 high from the previous week.
Looking at the 4H EUR/USD chart, the market will meet a declining trendline at the 1.33 handle. The market is slightly bullish now, but it is sideways in the medium term, with a bit of bearish bias. So at 1.33, we can anticipate resistance. Extension of the short-term bullish attempt can push through 1.33, and attack the 1.3380 high. If this happens, the bearish bias to the sideways action is gone. A break above 1.3380 brings in a bullish bias within medium term consolidation.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.