EURUSD (1H) - short term bullish bias
The euro is currently in an attempt to end its flag-shaped consolidation. After a double test of the demand zone around 1.1075, the pair bounced back and broke above the psychological level of 1.1100. The RSI divergence showed a deceleration on the sell-side in anticipation of a turnaround. The bullish MA cross and yesterday's strong upside momentum were signals that the price is likely to carry on on its rally. The previous high of 1.1150 will be a major supply area to monitor.
Key support: 1.1075
Key resistance: 1.1150
The euro is currently in an attempt to end its flag-shaped consolidation. After a double test of the demand zone around 1.1075, the pair bounced back and broke above the psychological level of 1.1100. The RSI divergence showed a deceleration on the sell-side in anticipation of a turnaround. The bullish MA cross and yesterday's strong upside momentum were signals that the price is likely to carry on on its rally. The previous high of 1.1150 will be a major supply area to monitor.
Key support: 1.1075
Key resistance: 1.1150
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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.