FX.co ★ EUR/USD

EUR/USD Technical Analysis (H1 Timeframe) Based on the provided H1 chart for EURUSD, the pair is exhibiting signs of consolidation with a slight bullish bias in the very near term. The price action shows a current candle with an open at 1.1603, a push down to 1.1599, and a recovery to trade near the high at 1.1605. This indicates buying interest is currently absorbing selling pressure around these levels. The technical indicators present a mixed but cautiously optimistic picture. The MACD(12,26,9) is positive at 0.00045, though it has decreased from the previous value of 0.00028, suggesting that while the short-term momentum is still bullish, it may be losing some steam. The RSI(14) at 60.46 is in bullish territory but remains below overbought levels, indicating there is room for further upward movement before the pair is considered overextended. Key levels to watch are clearly defined. Immediate resistance is seen at the recent high of 1.1620, which has capped advances in the past. A decisive break above this level could trigger further bullish momentum. On the downside, immediate support rests at the session low of 1.1599, with more significant support layered below at 1.1570 and 1.1545. The cluster of historical price action around these dates suggests these are significant technical zones.

Trade Setup / Summary: A short-term bullish bias is valid above the 1.1599 support.A potential long entry could be considered on a retest of the 1.1600-1.1595 support area, targeting a move towards the 1.1620 resistance, with a stop loss placed just below 1.1590. The trade relies on the positive, albeit slowing, MACD and the RSIs position which allows for further upside. Conversely, a break and close below 1.1595 would invalidate this view and could signal a deeper pullback towards the 1.1570 support level.