Upward movement was expected towards watching level 1.1700 in EURUSD predictions. The price moves up and hit the resistance level.
The more bullish movement is expecting but it will confirm once the price clearly breaks its major resistance level shown in the chart below.
I am sharing daily and 4-Hour technical analysis to discuss the upcoming price movement.
Daily Technical Analysis Forecast
The price is at its resistance zone in a daily technical chart. The bullish divergence is still in favor of more bullish moves but we will look for the confirmation before entering in the rally.
The small correction may start from the current market price and it could hit the support level again 1.1515 zones. Price may bounce from 1.1515 level again for the new high and to hit longer-term bullish target 1.2000 level.
The break of resistance 1.1750 may confirm this bullish rally.
Please have a look at the daily EURUSD technical chart below, i have mentioned the possible movement levels and breakout zone for the better understanding.
EURUSD Daily Technical Chart
EURUSD 4-Hour Technical Analysis
The 4-Hour analysis always helps us to get the closest picture. EURUSD is in a bearish mode as per 4-Hour chart and currently at its resistance level.
The small rising wedge inside the channel is also narrowing its edge and indicating the bearish signal.
A couple of reversal candle from the resistance area is also in favor of selling pressure.
The price may move lower from current market price and it could hit minimum 1.15690 and 1.1515 in case of extension.
We will look for buying opportunity from the support 1.1515.
The longer term target will be the same as per daily analysis.
please have a look at 4-Hour EURUSD Technical Chart below, i have drawn the possible movement diagram with expected target levels.
EURUSD 4-Hour Technical Chart
EUR USD SUPPORT & RESISTANCE LEVELS
Support 1: 1.15690
Support 2: 1.1515
Resistance 1 : 1.1750
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