EUR/USD Price Analysis: Bulls stepping up at critical support

EUR/USD bulls in play from key support on the monthly time frame.
Lower time frames depict the bullish outlook on a break of the hourly 10 SMA for the open.

Ross J Burland FXStreet

EUR/USD is decelerating in its current bearish impulse and the upside is compelling from support.

The following illustrates the playbook.

Monthly chart

Price has reached a 61.8% Fibonacci retracement at monthly support.

Weekly chart

The weekly depicts the outlook as well.

Daily chart

However, from a daily perspective, there is resistance to be concerned for. This offers a confluence of the 50% mean reversion and prior lows.

4-hour chart

The 4-hour 10 SMA is a firm target in confluence with the daily chart's resistance.

1-hour chart

The 1-hour time frame remains bearish but from support, the price can take out the 10-moving average and head towards resistance.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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