EUR/USD, Technical Analysis – H4
The euro has likely completed its technical pullback, reaching the confluence zone of the sloping and horizontal PPZ around 1.1580.
The euro has likely completed its technical pullback, reaching the confluence zone of the sloping and horizontal PPZ around 1.1580. An upward move from this area appears logical, though its immediate potential remains capped by the 1.1620 level. A more pronounced bullish structure will only emerge after a decisive break and consolidation above this resistance.
Key Levels:
□ 1.1580 (confluence support)
□ 1.1620 (key resistance)
□ 1.1650 (next upside target)
Primary Scenario:
Rise to 1.1620, followed by a new corrective decline.
Alternative Scenario:
Breakout and consolidation above 1.1620, targeting 1.1650.
Analyst Commentary:
The probability of continued sideways trading remains elevated in the near term. Nevertheless, the bulls possess the stronger medium-term outlook and better potential for gradual position accumulation.
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.