FX.co ★ EUR/USD

Technical Analysis: EUR/USD H4 Chart – Testing Key Resistance Levels Date: Saturday, May 9, 2026 Current Price: 1.17935 Market Status: Closed (Weekend) Market Overview As we head into the weekend of May 9, 2026, the EUR/USD pair has shown a significant recovery trend on the H4 (4-hour) timeframe. After a period of consolidation earlier in the month near the 1.16900 support zone, the Fiber has regained its bullish momentum, ending the trading week on a strong note at 1.17935. The price action suggests that buyers are currently in control, fueled by a softening US Dollar and stabilizing economic sentiment within the Eurozone. H4 Chart Technical Structure On the H4 timeframe, the pair has successfully broken above the 50-period Exponential Moving Average (EMA), which is a classic bullish signal for short-term traders. The candlestick patterns during the final sessions of the week showed strong marubozu characteristics, indicating aggressive buying pressure. Support Levels: The immediate support now lies at the 1.1730 level (previous resistance turned support). Below that, the psychological floor at 1.1700 remains the critical defense line for bulls. Resistance Levels: The pair is currently knocking on the door of the 1.1800 psychological barrier. A clean break and four-hour candle close above this level could trigger a massive wave of FOMO buying. Indicators Analysis Relative Strength Index (RSI): The RSI is currently hovering around 62.00. This indicates that while the market is bullish, it is not yet in the overbought territory (above 70). This leaves enough room for the price to climb higher before a correction is necessary. MACD: The MACD histogram has moved into the positive zone, with the signal line crossing upward. This crossover confirms the shift in momentum from bearish to bullish on the H4 scale. Trading Strategy and Next Targets Looking ahead to the market opening on Monday, my bias remains Bullish, provided the price stays above 1.1750. 1. Primary Target (Bullish): If the market opens with steady momentum and clears 1.1800, the next major target is the 1.1865 supply zone. This area acted as a major rejection point last month, and a retest is highly likely. 2. Secondary Target (Extended Bullish): Should the 1.1865 level fail to hold the bears, we could see a rally toward 1.1920, which aligns with the 161.8% Fibonacci extension level from the recent swing low. 3. Bearish Alternative: If the price fails to break 1.1800 and drops back below 1.1730, we might see a retest of the 1.1690 support area. Traders should wait for a confirmed breakout before committing to long positions. Conclusion The EUR/USD pair is currently at a make or break point. The H4 chart shows a very healthy recovery, and the technical indicators support further upside. However, as the market is closed today, traders should keep an eye on any geopolitical news over the weekend that might cause a price gap on Monday morning. Trading Tip: Always use proper risk management. For this setup, a stop-loss below 1.1710 would be a prudent way to protect your capital while targeting the 1.1860+ levels.