EUR/USD, Technical Analysis – H1
EUR/USD is approaching a decisive breakout on the H1 timeframe as extremely tight consolidation leaves almost no room for further sideways movement. Bears currently hold a slight edge, though one more high cannot be fully ruled out before a potential reversal.
Decisive moment for the euro: consolidation leaves extremely limited room for manoeuvre, making a breakout impulse in either direction the logical expectation. As noted yesterday, bears hold a slight edge (due to the overextension of the bullish wave structure); however, another high cannot be ruled out (with the prospect, however, of an inevitable collapse once traders shift to profit-taking).
Key Levels:
□ Resistance: 1.1570–1.1580
□ Intermediate: 1.1500
□ Support: 1.1450
□ Support: 1.1400
Primary Scenario:
Decline to 1.1450 and 1.1400.
Alternative Scenario:
Rise to 1.1570–1.1580, followed by a decline to 1.1500.
Analyst Commentary:
Both scenarios currently retain roughly equal probability.
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.