EUR/USD, Technical Analysis – H4
The pair continues to form a local consolidation channel, confirming bearish control over the market.
The pair continues to form a local consolidation channel, confirming bearish control over the market. A decisive breakout will occur upon a breach of the sloping support near 1.1400. Such a move would likely accelerate the downside momentum and drive the price toward the next psychological level at 1.1300.
Key Levels:
□ 1.1400 (key sloping support)
□ 1.1450 (local resistance)
□ 1.1300 (psychological support)
Primary Scenario:
Continuation of range-bound accumulation between 1.1400 and 1.1450.
Alternative Scenario:
Breakdown of support at 1.1400 followed by a decline toward 1.1350 and 1.1300.
Analyst Commentary:
A breakout does not appear imminent today, but traders should remain prepared for increased volatility once the key support level is tested.
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.