In our previous analysis, we shared the weekly and 4-hour technical analysis to get the main overview of the trend. The market is still trading in a range as per expectations. Today we are sharing Daily and 1-Hour technical analysis forecast to get the closest overview about the upcoming move.
Please go through the Daily and 1-Hour technical analysis written below.
Daily EURUSD Technical Analysis
EURUSD is trading in a range between 1.15510 to 1.18500. As long as the market is trading between these prices, we cannot expect a big move unless this range can break at any side. Current market price is around 1.1696. The price may get a minor resistance around 1.17150. Break above 1.17150 could take EURUSD towards major resistance level which 1.18500
We will look for the shorter time frame chart to spot the earliest signal to jump in the trade.
Please have a look at the Daily Technical Chart below, I have mentioned to the major support and resistance level of trading range.
EURUSD Daily Technical Chart
EURUSD 1-Hour Technical Analysis Forecast
We are analyzing 1-hour time frame to get the closest idea about the next movement. Hourly chart is forming a very nice ascending channel formation and it could give us a great trade idea if we spot the breakout confirmation.
The resistance of ascending triangle is at 1.1719-20 and the next rising support is at 1.16800.
I have set the watching area in the hourly chart below, the break above the resistance level may take EURUSD towards 1.18200, however, if the price break below the support level than the alternative bearish target could be 1.15920.
Please have a look at the Hourly chart below, I have mentioned the possible target levels with breakout points
EURUSD 1-Hour Technical Chart
EUR USD SUPPORT & RESISTANCE LEVELS
Support 1: 1.16800
Resistance 1: 1.18530
Feel free to visit to the link to understand what Triangle Pattern in Forex Chart is.
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.