The EURUSD currency pair has shown resilience, staying above a rising trend line on the 4-hour chart and remaining in an uptrend from 1.0635. The recent pullback from the high of 1.0970 can be viewed as a consolidation phase within the overall upward movement.
Traders can anticipate a potential continuation of the uptrend once the consolidation is completed. The next target for the EURUSD pair is set at 1.1095, which represents the previous high. A successful breakthrough of this resistance level could open the door for further upside potential.
For the bullish scenario to remain intact, it is crucial for the price to stay above the rising trend line on the 4-hour chart. This trend line acts as a significant support level, and as long as it holds, the uptrend remains intact. However, a breakdown below the trend line support could be an early sign of a potential trend reversal, warranting caution and further analysis.
In the near term, immediate support is seen at 1.0880. A breach below this level could trigger a retracement towards the rising trend line on the 4-hour chart. It is important to monitor price action around this support level, as a decisive break below it may signal a deeper correction or even the completion of the ongoing uptrend.
In summary, the EURUSD currency pair remains above a rising trend line on the 4-hour chart, sustaining its uptrend from 1.0635. The recent pullback from 1.0970 can be seen as a consolidation phase, with further upside potential expected after the consolidation is completed. The next target is at 1.1095, representing the previous high. Immediate support lies at 1.0880, and a breakdown below this level may warrant caution and further analysis. Traders should closely monitor price action and incorporate technical and fundamental analysis to make informed trading decisions in the evolving market conditions.
