- In the H4 time frame, the EUR/USD pair continues to move in an uptrend from the level of 1.2093 since yesterday. So, major support is seen at 1.2093, while immediate resistance is found at 1.2204.
- Besides, it should be noted that the support coincides with the ratio of 38.2% Fibonacci Expansion. Today, we guess that the pair will be traded higher in the early session and try to reach the first resistance at the level of 1.2204.
- The bias is neutral in the nearest term probably with a little bullish bias testing 1.2166 area which needs to be clearly broken to the upside to keep the bullish scenario strong.
- A clear break above that area (1.2166 ) could lead the price to the neutral zone in the nearest term testing 1.2266. Thus, we confirm the bullish scenario.
- On the downside, a clear break and daily close below 1.2266 could trigger further bearish pressure testing 1.2100 which represents a double bottom.
- Consequently, the EUR/USD pair is able to close below the support of 1.2100 on the four-hour chart; the trend will continue its bearish momentum today. As a result, it is gainful to sell below this price (1.2266) with targets at 1.2056 and 1.1986.
- However, the bullish trend is still expected for the upcoming hours as long as the price is above 1.1986 levels.
Comment :
- The EUR/USD pair climbed from 1.2126 to 1.2266.
- The strong resistance will be formed at 1.2266.
- Daily pivot is set at 1.2093.
- The market is still indicating a strong bullish trend from the area of 1.1986.
