EUR/USD Price Analysis: Portrays bullish flag on 4-hour chart


  • EUR/USD fades recovery from 1.1220, takes a U-turn from 1.1252.
  • A weekly support line, 200-bar SMA can question immediate pullback.
  • Bulls will look for entry beyond 1.1290, downside break of channel formation could defy the bullish chart pattern.
  • MACD signals favor buyers to keep a positive outlook.

EUR/USD declines to 1.1240 during the initial hour of Tokyo open on Tuesday. The pair earlier stretched pullback moves from 1.1220 till 1.1252. Even so, the quote portrays a short-term bullish flash on the four-hour chart while looking at its rise from mid-May and gradual weakness after June 10.

Other than the bullish chart formation, the MACD histogram is also supporting the buyers. However, a clear break of the immediate falling channel’s resistance, currently around 1.1290, becomes necessary for the pair to aim for the March month high around 1.1500. During the rise, the quote may take intermediate halts around 1.1250 and 1.1425.

On the contrary, an ascending trend line from June 21, at 1.1205 now, followed by a 200-bar SMA level of 1.1150, may challenge the sellers before dragging them to the said channel’s support near 1.1110.

In a case where the EUR/USD prices slip below 1.1110, the bullish pattern gets defies and the bear could aim for May 21 top near 1.1010.

EUR/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.1243
Today Daily Change 1 pip
Today Daily Change % 0.01%
Today daily open 1.1242
 
Trends
Daily SMA20 1.1265
Daily SMA50 1.1045
Daily SMA100 1.1002
Daily SMA200 1.1036
 
Levels
Previous Daily High 1.1288
Previous Daily Low 1.1217
Previous Weekly High 1.1348
Previous Weekly Low 1.1169
Previous Monthly High 1.1145
Previous Monthly Low 1.0767
Daily Fibonacci 38.2% 1.1261
Daily Fibonacci 61.8% 1.1244
Daily Pivot Point S1 1.121
Daily Pivot Point S2 1.1178
Daily Pivot Point S3 1.1139
Daily Pivot Point R1 1.1281
Daily Pivot Point R2 1.132
Daily Pivot Point R3 1.1352

 

 

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