Forex Technical Update

Previous: EUR/USD is Directionless Between 1.30 and 1.32 (4/19)

 

EUR/USD

EUR/USD

The EUR/USD is wrapping up the week with a push above not only this week's high, but the previous week's high near 1.3210. Now, the 1.33 area will be the next key resistance. The 4H chart shows a developing descending triangle with a more or less flat support around 1.30, and a declining resistance that is projected to 1.33 if price action continues to rally the next session or two (4/23, 24).

The 4H chart has lost its bearish bias except for the declining resistance. It is more in a consolidation/congestion mode. If the 1.33 handle does provide resistance or if the market fails to reach 1.33, our initial bearish expectation should be limited to a retest of the 1.32-1.3170 area (the middle and mean price action of the consolidation, as well as the 200 4H SMA).

Below 1.3150, we might open up the bearish short-term outlook to retest the 1.30 support area, with 1.2970 as the key support pivot to break before opening up further bearish outlook.

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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.