EUR/USD Heading Towards Key Resistance
Updated
On the 1-hour chart of EUR/USD, we can see that the price has rallied significantly from the lows and is currently hovering around $1.0388. The 34 and 89 EMAs are providing good support for the uptrend, with the price holding above both moving averages. This suggests that buying pressure is still quite strong and the possibility of further upside is significant.
However, the RSI shows that the bullish momentum is weakening as it approaches the overbought zone. This is a warning signal that selling pressure may emerge if the price approaches the key resistance levels near $1.0410-1.0420.
I believe that if the price continues to be supported by the EMAs and holds above $1.0375, the chance for the price to test the $1.0410-$1.0420 zone is very possible. On the contrary, if the price breaks below the $1.0375 support level, the pair may revisit the support zone at $1.0350.
Trading Strategy:
Buy:
Entry: $1.0375-$1.0380.
Target: $1.0410.
Stop Loss: $1.0365.
Sell:
Entry: $1.0410-$1.0420 (if the price fails to break the resistance zone).
Target: $1.0380.
Stop Loss: $1.0430.
Trade active
Join my team to access free trading signals with:
👉🏻 Winning rate of up to 85%! Every day,
👉🏻 You'll receive 5-7 high-quality signals.
Click here to join the group: t.me/+dv8TI5LsqY8yNWI9
👉🏻 Winning rate of up to 85%! Every day,
👉🏻 You'll receive 5-7 high-quality signals.
Click here to join the group: t.me/+dv8TI5LsqY8yNWI9
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.