EUR/USD- Technical Analysis – FX-Insights

ByNaeem Aslam - Chief Market Analyst eur, levels, linkedin, majorsupport, price, push-the-price, stumbleupon, that-the-bias, that-the-bulls Comments Off

The EUR/USD bounced from its upward line on a 30 minute time frame. The pair has pierced the Bollinger band at this level, which means that the volatility for the pair is high. The piercing of the Bollinger band does have a significant importance when this takes place at an important level of support or resistance, because this could reverse or pause the current trend. However, you have to be careful, because this pause in price could be due to the Bollinger band piercing, and soon the volatility drops, and the price comes close to the 20 day moving average, the correction could continue again.

As long as the price is above the upward trend line, we could say that the bulls have more odds in their favor to push the price higher.

The RSI indicator is trading in an oversold zone, which mean that the bias could be to the upside. The ADX indicator is also confirming this argument.

Important Levels

Resistance Levels

1.3888-1.3854 Major

Support Zone

1.3576-1.3561Minor

1.3472-1.3398 Major

Author

Naeem Aslam - Chief Market Analyst