EUR/USD Technical Analysis – H1
EUR/USD maintains a strong nine-wave bullish structure on H1, targeting a local high near 1.1570–1.1580. A subsequent profit-taking correction toward 1.1500–1.1510 looks increasingly likely.
Bulls continue to demonstrate resilience, sustaining a prolonged upward trend that has already completed a nine-wave growth structure. Under these conditions, an update of the local high in the 1.1570–1.1580 zone appears highly probable. However, the market remains vulnerable to a wave of profit-taking, which could trigger a corrective pullback toward the 1.1500–1.1510 area.
Key Levels:
□ Resistance 1.1570–1.1580
□ Resistance 1.1600
□ Support 1.1500–1.1510
Primary Scenario:
Advance into the 1.1570–1.1580 zone, followed by a sharp reversal lower.
Alternative Scenario:
Breakout toward 1.1600.
Analyst Commentary:
Attempting to technically catch a trend reversal to the downside is not recommended. That said, such a reversal remains quite probable.
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.