FX.co ★ EUR/USD

EUR/USD Technical Analysis and Forecast H1 Chart: The EUR/USD market shows strong bullish momentum and is trading around 1.04938 in the H1 timeframe. The price is confidently moving towards the critical resistance level of 1.05000. If the price breaks through 1.05000, it could signal further growth and target higher resistance levels. The 20 SMA is moving above the 100 EMA (exponential moving average), which suggests that the uptrend is likely to continue. The uptrend will continue if the price remains above these moving averages. However, if the price falls below both moving averages, it may signal a change in the bearish trend. The Relative Strength Index on the H1 chart is currently at 69, approaching the overbought zone. It suggests that despite the strong bullish momentum, the EUR/USD market may face resistance and potential consolidation before any further moves. If the RSI rises above 70, it may indicate overbought conditions and increase the likelihood of a correction or pullback.

Key Levels to Watch Resistance 1.05000: Currently, prices are approaching this level. A successful break above 1.05000 could lead to further gains. In case of a breakout, potential resistance levels to watch would be around 1.05250 and 1.05500. Support 1.04500: A correction is possible if the price fails to break above 1.05000. The nearest support level is at 1.04500, where the 20-period SMA (simple moving average) is also located. If EUR/USD falls below 1.04500, further decline will likely push the price towards 1.04250 or even 1.04000. Forecast Bullish Scenario: If EUR/USD rises above 1.05000, the EUR/USD market may gain further bullish momentum. Bearish Scenario: If EUR/USD fails to break above 1.05000, a correction to 1.04500 is possible. A break below 1.04500 may lead to further declines. We should closely monitor key levels and price action to identify potential trading opportunities.