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EUR/USD Technical Analysis
The EUR/USD pair delivered positive price action during the previous session following a brief breakout above the 1.1730 resistance — a development we had previously flagged as a catalyst for a corrective upside rebound targeting 1.1775. The pair duly extended its advance, printing an intraday high of 1.1796.
Technical Outlook – 4-Hour Timeframe:
On the short-term horizon, the pair is tracking along a short-term ascending trendline, reinforcing the probability that the corrective uptrend will extend through today’s trading.
The simple moving averages have likewise re-emerged to provide constructive support beneath the price, coinciding with the Relative Strength Index (RSI) successfully exiting overbought territory — a combination that strengthens the case for additional gains.
Bullish (Most Likely) Scenario:
As long as trading holds above the 1.1700 support floor, the daily uptrend will retain the upper hand, with the initial target set at:
- 1.1800
A decisive break above this level would extend the gains toward:
- 1.1850 as the subsequent objective
Bearish Scenario:
Conversely, a confirmed hourly candle close beneath the 1.1700 threshold would expose the pair to a retest of lower levels, with:
- 1.1640 emerging as the initial downside target
- 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: 1.1800 |
| S2: 1.1640 | R2: 1.1850 |
| S3: 1.1590 | R3: 1.1905 |
