$EURUSD | 4hr Coiling Pattern
Key Points
EURUSD on the 4hr chart is in continuous retracement pattern after breaking below the $1.2381 levels and falling to the $1.2219 area before rebounding to current levels of $1.2279.
Price action weakness is supported by 28EMA still being below the 49EMA on the 4hr chart andEURUSD may revisit earlier lows to challenge the longer term ascending trend line at $1.2210.
On the flip side, upside momentum for EURSD on both daily and weekly chart is intact, as supported by the 28EMA being well above the 49EMA.
For next week's trading session, we seeEURUSD resistance levels on the 4hr chart are as follows: $1.2292 & $1.2339 and $1.2383, while support levels are seen at: $1.2243, $1.2210, and deeper below at $1.2167.
EURUSD on the 4hr chart is in continuous retracement pattern after breaking below the $1.2381 levels and falling to the $1.2219 area before rebounding to current levels of $1.2279.Price action weakness is supported by 28EMA still being below the 49EMA on the 4hr chart and
EURUSD may revisit earlier lows to challenge the longer term ascending trend line at $1.2210.On the flip side, upside momentum for EURSD on both daily and weekly chart is intact, as supported by the 28EMA being well above the 49EMA.
For next week's trading session, we see
EURUSD resistance levels on the 4hr chart are as follows: $1.2292 & $1.2339 and $1.2383, while support levels are seen at: $1.2243, $1.2210, and deeper below at $1.2167.
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