EURUSD, H4 Technical Outlook:
We're seeing strong bullish momentum on EURUSD - our chart in focus is on the H4 timeframe. There's a strong ascending support line that stretches all the way back to 31st March 2021 - this gives price the bullish momentum to potentially continue rising.
Coupled with a strong overlap support area at the 1.2177 area along with a 38% fibonacci retracement, EURUSD looks poised to potentially make a small bounce from here.
Upside is rather capped at 1.2243 where a big swing high resistance from 25th Feb 2021 has held price below it with recent tests failing to break that level.
A bounce from here could see price test that 1.2243 level once again.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.