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The EUR/USD pair exhibited a strong uptrend during the previous trading session, aligning with bullish expectations and reaching the initial target of 1.1800, with a session high of 1.1811.
Technical Outlook – 4-Hour Timeframe:
The pair has encountered natural selling pressure following the achievement of the psychological resistance level at 1.1800, as market participants took profit and addressed overbought conditions. The Relative Strength Index (RSI) has begun displaying negative signals, which may temporarily moderate upward momentum but does not negate the broader bullish structure.
Supporting the continuation of gains, the simple moving averages continue to generate positive momentum, while the pair’s alignment with an ascending trendline reinforces the bullish bias.
Bullish Scenario: As long as price remains anchored above the support levels of 1.1750 and critically 1.1740, the uptrend is favored. A decisive break above 1.1815 would serve as a catalyst, strengthening the probability of a move toward 1.1840 as an initial target, with potential extensions toward 1.1870.
Bearish Scenario: An hourly close below the key support level of 1.1740 would reactivate selling pressure, targeting 1.1690 as the initial downside objective.
Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1760 | R1: 1.1810 |
| S2: 1.1725 | R2: 1.1840 |
| S3: 1.1690 | R3: 1.1870 |
