EUR/USD, Technical Analysis – H4
The bearish trend continues to exhibit strong and pronounced momentum, leaving bulls with no meaningful opportunities for correction.
The bearish trend continues to exhibit strong and pronounced momentum, leaving bulls with no meaningful opportunities for correction. However, the upcoming weekend market close is likely to prompt some participants to book profits, which could allow the price to retrace toward one of the two key resistance levels — 1.1470 and 1.1500 — before the downtrend resumes.
Key Levels:
□ 1.1470 (resistance)
□ 1.1500 (resistance)
Primary Scenario:
Pullback to 1.1460, followed by a decline toward 1.1400.
Alternative Scenario:
More active correction toward 1.1500.
Analyst Commentary:
Buying in anticipation of a retracement — particularly on a Friday — is not the strongest trading plan.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.