EURUSD Consolidation on Weekly Chart, Potential Bullish Movement on 4-Hour Chart

Key Highlights:

Weekly Chart Consolidation

– EURUSD has been trading within a range on the weekly chart, indicating consolidation.
– The price has broken the support level at 1.1220 and retested it.

Potential Bullish Trend on Daily Chart
– On the daily timeframe, the EURUSD has been in a bullish trend, but trading within a range.
– The price can potentially break out of the range to the upside or downside.

Bearish Outlook Supported by Weekly Chart
– The weekly chart suggests a possible resumption of the bearish movement, with the next target at 1.1045 if the price breaks below 1.1120.

EURUSD is in consolidation according to the weekly chart. As per 4 hours chart the market is trying to go bullish movement. Last week the price tried to go bullish from the support at 1.1130 but back from a short-term resistance at 1.1270. According to the Daily chart, the price is now ahead of the support of 1.1170 and 1.1130. It is expected that the price will go bullish again, but it also has a chance to retest the support at 1.1170 followed by 1.1130 before going further bullish. The target of the bullish movement can be 1.1365 followed by 1.1430.

Fundamental Factors to Consider
The upcoming US Nonfarm Payroll report could provide further direction for the EURUSD pair.

Volatility and Risk Management
– The consolidation on the weekly chart and potential breakout on the daily chart suggest increased volatility in the EURUSD.
– Traders should exercise caution and utilize appropriate risk management strategies.

 

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