EUR/USD still in a recovery mode but need to hold above major levels to move forward
|The Euro has been trending upwards in the H1 time frame since bouncing at 1.20578 support level 18th of Jan this year. The signs of a recovery are well presented in the H1 time frame, i.e., a bullish price channel, higher highs and higher lows. However, the latest moves around 1.61230 and 1.21848 brought some attention.
The pair had difficulties holding above the major level at 1.21630, as indicated in the H1 chart.
I'm also looking at the 200 and 500 SMA proven to be a reliable support and resistance indicator. The 200 SMA is currently acting as resistance around 1.21630, and 500 SMA at 1.21145 as support.
It is more likely the current trend will need to hold above 1.21630 to progress to the next level at 1.21980 and 1.222
Support estimates: 1.21400, 1.21280, 1.21145, 1.21050, 1.20930
Resistance estimates: 1.21498, 1.21630, 1.21750, 1.21848, 1.21980
Support and resistance forecast in the H1 chart
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