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EUR/USD Plays With Major Support

Published 10/05/2017, 05:23 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Might Be Just Getting Ready for a Rise.

EUR/USD

The EUR/USD pair has been trading in a close to 400 pips range since the beginning of August. The major support and resistance of this range are:

  • Support: 1.1700
  • Resistance: 1.2100

Today, I am looking at the 4-hour chart. It looks bullish based on a few factors:

  1. The price has just bounced off the major support level at 1.1700
  2. There was a large bullish engulfing candlestick on the 4 Hour chart.
  3. There was a bearish rejection candle on the daily timeframe two sessions ago

The next resistance level is at 1.1900. I won’t be surprised to see a rise to this level in the imminent future. A hypothetical good entry could be the level of 1.1750.

I will be looking for more confirmation from the lower timeframes.

Happy Trading,

Colibri Trader

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