The EUR/USD 4H chart reveals a bullish trend continuation supported by recent technical indicators.
The upward momentum is evident despite the absence of strong reversal patterns.
Key levels are identified that might influence future price movements.
Recently, there is a bullish candlestick following a pullback, suggesting continuation of upward momentum.
There are no strong reversal patterns like dojis or hammers present.
The chart shows a bullish trend with higher highs and higher lows.
A recent bullish crossover is observed, where the MACD line has crossed above the signal line, indicating bullish momentum.
The histogram is increasing, which suggests strengthening momentum in favor of the bulls.
No significant divergences between MACD and price action are noted.
Volume appears to be stable, but there was a slight increase supporting the bullish breakout.
The increase in volume aligning with the bullish candlestick suggests participation by bulls in the price movement.
No unusual volume spikes indicating strong institutional activity are evident.
Key support is at 1.1600, where a former resistance level could act as new support.
Immediate resistance is seen slightly above 1.1700, which is a psychological level.
Recent price movement suggests a breakout above previous resistance at around 1.1670.
Consider entering a long position with a target above recent highs, confirming with a continued MACD bullish histogram and maintaining above 1.1700.
Watch for potential reversal patterns, especially near resistance. A downturn could be triggered by a bearish candlestick pattern or a MACD bearish crossover.
If long positions are held, monitor closely for continuation signals and manage risk with stop-loss just below 1.1600.
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Secured By SSL. Copyright © Seekapa. All rights reserved. 2024
Company Information: This website (www.seekapa.com.com/) is operated by Bluepine Ltd, a Seychelles investment firm, authorised and regulated by the Financial Services Authority of Seychelles with license number SD183. Bluepine Ltd is located at Suite 205, 2nd Floor, Waterside Property Limited, Eden Island, Seychelles
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Bluepine Ltd does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Bluepine Ltd does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Bluepine Ltd is not a financial adviser.