The EURUSD had a moderate bullish momentum yesterday, topped at 1.4668 and closed at 1.4648. On h4 chart below we can see that after struggle around the minor trendline resistance (red) where price cross up and down, the pair is now traded above the trendline resistance indicating bullish pressure still able to maintain it’s momentum. Technically in nearest term the bias is bullish testing 1.4720 – 1.4850 area. However please note that in longer term perspective, the rejection to move above 1.4850 on September 23 should keep the medium term bias remains neutral. Immediate support at 1.4610 and the trendline area (former trendline support, red). Break below that area should lead us into no trading zone as direction would become unclear.
Join the Discussion