The EURUSD was indecisive yesterday. Price attempted to push higher, slipped above 1.2395 resistance area but closed lower at 1.2367. The bias is neutral in nearest term. We have a bearish pin bar printed around a resistance as you can see on my H4 chart below, suggests a potential false breakout bearish scenario. There is also a potential “M” shaped pattern in the making. Immediate support is seen around 1.2335. A clear break below that area could trigger further bearish pressure testing 1.2298 region but major key support remains at 1.2175.
Immediate resistance is seen around 1.2413. A clear break above that area would invalidate the bearish pin bar scenario testing 1.2475 region. Overall, as long as stay above 1.2175 my major technical outlook remains bullish but price has been trapped inside a 360-pip range area between 1.2537 – 1.2175 for more than three months now.
The EURUSD had another indecisive movement yesterday. The bias remains neutral in nearest term. The bearish pin bar scenario on H4 chart remains valid but need a clear break at least below 1.2340 to send the pair lower retesting 1.2298 support area. On the upside, a clear break above 1.2413 (the “tail” of the bearish pin bar) would invalidate the bearish pin bar scenario testing 1.2475 region.
Overall, as long as stay above 1.2175 my major technical outlook remains to the upside, but need a clear break above 1.2537 key resistance to end the current consolidation phase and resume the major bullish trend.
The EURUSD attempted to push higher yesterday, slipped above 1.2395 resistance but closed lower at 1.2344. Price has been moving inside a 100-pip range area between 1.2395 – 1.2298 for two weeks now. The bias remains neutral in nearest term probably with a little bearish bias testing 1.2298 support area as a part of the bearish phase after printed a bearish pin bar at 1.2395 as you can see on my H4 chart below. A clear break and daily/weekly close below 1.2298 would expose 1.2175 key support area.
On the upside, key short-term resistance remains at 1.2395 – 1.2413 region. A clear break above that area would invalidate the bearish pin bar scenario testing 1.2475 but key resistance remains at 1.2537 which need to be clearly broken to the upside to end the current consolidation phase and resume the major bullish trend.
The EURUSD had another indecisive movement last week. While price remains in a consolidation phase from a daily/weekly chart perspective, H4 chart still suggests a bearish phase following the appearance of a bearish pin bar at 1.2395 resistance area as you can see on my H4 chart below. The bias is bearish in nearest term. However, we also have a bullish pin bar printed on Friday so we need a clear break below 1.2249 (the “tail” of the bullish pin bar) to continue the bearish phase testing 1.2215 – 1.2175 key support which remains a good place to buy with a tight stop loss as a clear break below 1.2175 would invalidate my major bullish bias.
Immediate resistance is seen around 1.2300. A clear break above that area could lead price to neutral zone in nearest term testing 1.2350 or higher.
The EURUSD had a bearish momentum yesterday bottomed at 1.2196 and hit 1.2183 earlier today in Asian session. The bias is bearish in nearest term testing 1.2175 key support area which is a good place to buy with a tight stop loss as a clear break and daily close below that area would invalidate my major bullish outlook testing 1.2085 support area or lower.
Immediate resistance is seen around 1.2250. A clear break above that area could lead price to neutral zone in nearest term testing 1.2300 region.
The EURUSD attempted to push lower yesterday bottomed at 1.2181 but closed higher at 1.2230. The bias remains bearish in nearest term testing 1.2175 key support area which remains a good place to buy with a tight stop loss as a clear break below 1.2175 would invalidate the major bullish trend. From another technical perspective as you can see on my daily chart below, we have a descending triangle formation which will be confirmed by a break below 1.2175 key support, targeting the daily EMA 200 located around 1.1970 region.
Immediate resistance is seen around 1.2250. A clear break above that area could lead price to neutral zone in nearest term testing 1.2300 area. The descending triangle scenario will be invalidated by a movement above 1.2400.
The EURUSD had a bearish momentum yesterday bottomed at 1.2157 and now struggling around the support line of the descending triangle formation as you can see on my daily chart below. The bias is bearish in nearest term especially if price able to make a clear break and consistent movement below 1.2175 targeting 1.2085 region which would invalidate my major bullish outlook.
Immediate resistance is seen around 1.2200. A clear break above that area could lead price to neutral zone in nearest term testing 1.2250 region but only a clear break above 1.2400 would invalidate the descending triangle scenario and keep the major bullish trend alive and kicking.
The EURUSD had a significant bearish momentum yesterday, broke below the support line of the descending triangle formation as you can see on my daily chart below, bottomed at 1.2095. This fact not only invalidates my major bullish outlook, but confirms the descending triangle bearish scenario. The bias remains bearish in nearest term testing 1.2030/00 support area and the daily EMA 200 located around 1.1970 region.
Immediate resistance is seen around 1.2150/75 region. A clear break and daily/weekly close back above that area could lead price to neutral zone in nearest term as direction would become unclear.
The EURUSD had a bearish momentum last week bottomed at 1.2054 but closed a little bit higher at 1.2127. The bias is neutral in nearest term but as long as stay below 1.2175 the descending triangle bearish scenario should remain valid testing the daily EMA 200 located around 1.1970 region. A clear break and daily close back above 1.2175 would interrupt the bearish scenario.
Immediate support is seen around 1.2095. A clear break below that area could trigger further bearish pressure retesting 1.2054 which need to be clearly broken to the downside to resume the descending triangle bearish scenario testing 1.2000 – 1.1970 support area.
The EURUSD regained its bearish momentum yesterday after a small correction on Friday, bottomed at 1.2062. The bias is bearish in nearest term testing 1.2000 – 1.1970 region as a part of the descending triangle bearish scenario as you can see on my daily chart below.
Immediate resistance is seen around 1.2135. A clear break above that area could lead price to neutral zone in nearest term but only a clear break back above 1.2175 would interrupt the descending triangle bearish scenario. On the downside, a clear break and daily close below 1.1970 (daily EMA 200) would expose 1.1900 or lower.
