EURUSD Technical Analysis- Can Bears Hold the Price Below 1.1988?
Is D is moving up within a bullish trend where the primary target Is 1.1988. as long as the price is trading below 1.1988 we may consider the trend as bearish. However, the recent bullish pressure was very strong that may indicate a break out of this level. So what we may expect from the EUR/USD in the coming days? Let’s have a look at a detailed insight of the eraser price with the forex secret technical analysis
April 15, 2021|The Forex Secret – EUR/USD is one of the major trading players that attract most of the intraday and swing traders. This currency pair combines the economy of the eurozone and the US where the main market mover for the week is the US retail sales. Currently, US retail sales may show better than expected reserves from negative to positive territory. Therefore, if the US retail sales can be the expectation we may see an immediate bullish impact on the EUR/USD price. On the other hand, the missing expectation might create an immediate selling pressure as long as the price is holding below 1.1988.
EUR/USD Daily Chart Analysis
In the daily chart, the price made a new low below the 1.1850 and suddenly postback hike with a counter impulse-momentum. Moreover, there is no sign of a bear in daily close below 1.11988 that may indicate upcoming selling pressure.
In the above image, we can see the daily chart of EUR/USD where the price is consolidating at the 1.1988 level. Moreover, the price is backed by bullish impulsive momentum. Therefore, as strong bullying daily close above the resistance level may initiate a new bullish trend. However, as long as the price is trading below this level, we may consider the market context as bearish.
EURUSD H4 Chart
In the H4 chart, the price shows some correction at the 1.1988 resistance level but still, the price failed to create a new low.
Therefore, as long as the price is trading above the H4 swing, we should wait for the further price direction. On the other hand, a bearish H1 close below the previous H4 low may initiate an impulsive bearish pressure.
Is EURUSD A Sell?
As of the above discussion, investors should wait for the price below the recent H4 close for a bearish trade. On the other hand, a daily close above 1.1988 may alter the current market structure. In that case, the price may continue upside.