Conclusion for today’s EURUSD technical analysis:
Confirmation of a falling wedge chart pattern in the EURUSD implies an increase in bullish strength
EURUSD chart presented for today’s analysis is an intraday (4 hour) timeframe candlestick chart focused on price action from March 20, 2019 to current date. The chart pattern identified is a falling wedge chart pattern (ideally bullish) that is part of the most recent price swing downwards in the EURSD from January 10, 2019.
Follow us on Social Media!
1.12656 and 1.12523 indicate immediate resistance that is expected to give way to an increase in bullish momentum. On the other hand, 1.11697 and 1.11335 provides support for the EURUSD that should not be broken to the downside in other to sustain a bullish bias.
Price action currently has broken the upper boundary of the wedge and therefore confirmation.
Also indicated on the EURUSD chart is its 4 hour timeframe 200 and 50 moving average (MA). The 50 moving average currently below the 200 moving average is bearish….a move above the 200 moving average would argue for more bullish upside in the EURUSD.
Conservative entry for a long (buy) position(s) therefore involves initiating an order(s) on a breakout above the upper region of resistance (1.12656). Less conservative strategies would seek to buy now as the wedge has been confirmed and therefore in anticipation of further rise in the EURUSD.
Price closing below its 50 MA and also below 1.11335 implies more downside or increase in bearish strength in the EURUSD.
Sign up now to instantly gain exclusive access to more information on EURUSD analysis, other foreign exchange (FX) pairs, cryptocurrencies, and stocks.
Interested in Bitcoin analysis (BTCUSD)? Checkout our previous FREE blog post here.