EURUSD has typically crashed to a two decade old historical low. This aligns the fact of a potential crash on EUR being weak. Fundamental reason being the EUR having 0% interest rate against the USD having 1.75% interest rate, which means, the investment pool has shifted its sights on to the US investment vehicles.

That being said, we are looking at the H4 for technical analysis on EURUSD. Market started its mark up and pushed towards the 200 pips up mark. Upon retracement towards the 1.0150, we will be taking a long position at the support level. At the H4 level, we do have a higher high and higher low bullish structure.

The ascending trendline has the potential to be tapped at the support level, which will make it a confluence with the trendline.

The golden retracement level at the support level with the 75-78.6% level, we do see a confluence of three technical factors including the retracement. Therefore, it deems a decent long area for the market.

EMA 50 acts as a strong foot hold in this setup. The EMA 50 has broken out for sells. Now that market is at support level, and we take long positions, for a long term correction, we can continue holding the position till the retest of EMA 50. Although the trend is bearish, thats why, the holding till the retest seems far fetched at this given point.

RSI is at 54. It is pivoting back from the over bought region towards the neutralized level. Once its neutralized at the level of support and confluence has other factors along with the RSI, we will be taking a bullish run.

Ranging EURUSD

Jul 25 2022

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