EUR USD Technical Analysis –
In this blog we are going to discuss about EUR USD Technical analysis. We will use top down approach to do analysis. We will start analysis from weekly then daily and then 1 hourly time frame.
Weekly Chart –
Above chart shows weekly time frame of EUR / USD pair, Weekly chart shows that the price is moving in sideways between range of support at 1.03405-1.07314 and resistance at 1.24171-1.28872.
Daily Chart –
Above chart shows daily time frame of EUR / USD pair, Daily chart shows price is moving in downtrend. We can say it is falling wedge also price is moving from weekly and monthly support. Price formed the Ascending Triangle structure and broke the resistance level of 1.10981-1.11380. Now the next resistance level is 1.13019-1.13567. Now we need to check if the price break the falling wedge resistance or not.
1 Hour Chart –
Above chart shows 1 hour time frame of EUR / USD pair, we can see the price formed Ascending Triangle and then broke the resistance level. Also it formed Bullish Engulfing Pattern there above the resistance.