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EUR/USD Technical Analysis
The EUR/USD pair has delivered positive price action in line with our previous projections. We had highlighted that a confirmed break above 1.1680 and subsequently 1.1700 would propel the pair toward 1.1790 — a target that was duly achieved, with the pair printing an intraday high of 1.1785.
Technical Outlook – 4-Hour Timeframe:
On the short-term horizon, the pair is consolidating within a tight trading range, with the Relative Strength Index (RSI) edging toward overbought territory. This dynamic could trigger a temporary deceleration in the bullish momentum without compromising the broader positive trend.
On the constructive side, the price continues to trade above the simple moving averages, which are functioning as robust dynamic support. This configuration, coupled with the breakout from a descending corrective price channel, reinforces the probability of an extended upside move.
Bullish Scenario:
As long as trading holds above the 1.1700 support floor, the bullish bias will remain firmly intact, provided the 1.1770 barrier is decisively breached. In such a case, the pair could extend its advance toward:
- 1.1815 as the initial upside target
- Followed by 1.1830 as the subsequent objective
Bearish Scenario:
Conversely, a confirmed hourly candle close beneath the 1.1700 threshold would expose the pair to renewed selling pressure, paving the way for a potential decline toward:
- 1.1670 as the initial downside target
- Followed by 1.1640 as the next level
- 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: 1.1700 | R1: 1.1770 |
| S2: 1.1670 | R2: 1.1815 |
| S3: 1.1630 | R3: 1.1835 |
