4-hr EUR/USD: The Early Stages of a Trend Reversal
Since September last year, EUR/USD has dropped 950 pips, hitting a low of 1.0230 last Thursday. However, the pair rebounded by 130 pips, supported by increased trading volumes and an RSI recovery from oversold territory. This may signal the early stages of a trend reversal over the coming months.
Before confirming this shift, a solid support level needs to form. We expect this to occur near 1.03, which aligns with the 38.2% Fibonacci retracement level. If this support holds, further upward movement is likely. The pair's recovery momentum and technical signals suggest potential for continued growth, provided the identified support zone is respected.
Before confirming this shift, a solid support level needs to form. We expect this to occur near 1.03, which aligns with the 38.2% Fibonacci retracement level. If this support holds, further upward movement is likely. The pair's recovery momentum and technical signals suggest potential for continued growth, provided the identified support zone is respected.
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