Forex Technical Update
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).
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.
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