EUR/USD, Technical Analysis – H1
The euro strengthened significantly against the dollar following the Fed’s decision to keep rates unchanged. A local downtrend line has been firmly broken, clearing multiple resistance levels and opening the way for further upside after a technical pullback.
The euro strengthened significantly against the dollar following the Fed’s decision to keep rates unchanged. As seen on the chart, a local descending trendline has been confidently broken, with multiple resistance levels cleared. Thus, after the completion of a technical pullback (presumably in the 1.1420–1.1430 area), a move to break the recent high and reach 1.1500 can be expected.
Key Levels:
⬜ Support: 1.1420–1.1430
⬜ Target: 1.1500
Primary Scenario:
Pullback to 1.1420–1.1430, followed by a rise toward 1.1500.
Alternative Scenario:
Direct advance to 1.1500 from current levels.
Analyst Commentary:
Bullish dominance in this pair requires confirmation in the form of a break above 1.1470.
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.