EURUSD has become impulsive and non-volatile and broke above 1.1450 resistance level. EURUSD Bullish bias to break above the March high as the investors are optimistic. What are the charts and technical indicators are saying? Read more to find further insights into today’s EURUSD Technical Analysis.
July 20, 2020, | AtoZ Markets – EURUSD is currently trading around 1.1455 area and trying to decline. After breaking above 1.1450 area, the price became volatile on the intraday chart. As per the current price action, the dynamic level of 20 EMA may act as strong support in the coming days.
European Union leaders remained at a stalemate on Monday following three days of wrangling over an arrangement to resuscitate economies choked by the COVID-19 pandemic. However, the director of their close-record-length summit asked them to make one final push on “mission unthinkable”. Moreover, Charles Michel reminded the 27 leaders of the European Union that 600,000 individuals had at present passed away because of the coronavirus pandemic around the globe, and it was dependent upon them to stand together despite a phenomenal emergency.
EURUSD Bullish Bias May Sustain Further as the Investors Are Optimistic
EURUSD is currently residing near 1.1455 area and trying to retrace down after a breakout. Furthermore, the Kijun line and the Tenkan line are also may act as strong support on the intraday chart in the days ahead.
Image: EURUSD 4 Hour Chart
According to the 4-hour chart, EURUSD bullish bias sustains and currently trading around 1.1455 area. As per the current price action, if the price can have a bullish close above 1.1470 area, the bulls may recover higher towards 1.15 resistance area in the process. Alternatively, if the price can have a bearish close below 1.1450 area, the bears may regain momentum and push the price down towards 1.1380 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level may act as a strong support to push the price upside. The Kijun line and the Tenkan line may work as a confluence of the dynamic level. Besides, the MACD lines are currently residing above the 0.00 level, which indicates that bulls are still present in the market may recover further. In contrary, the histogram showing a bearish divergence, which is an indication of upcoming bearish pressure.
EURUSD May Revert Back to the Mean
According to the daily chart, EURUSD bullish bias may break above 1.1450 area. So, if the price can have a bullish candle close above 1.1450 area, the bulls may sustain the bullish bias towards 1.1560 area in the coming days. In contrast, if the price failed to break above 1.1450 area and had a bearish close below it, the bears may regain momentum and push the price towards 1.380 as a first target. The second target will be 1.13 if the price breaks below 1.1380 in the process.
Image: EURUSD Daily Chart
Besides, the dynamic level of 20 EMA is currently residing far below from the price. The dynamic level may pull the price back to the Mean. Also, the Stochastic Oscillator lines are currently residing near the overbought level 80 and had a bearish intersection. It indicates that bears may regain momentum in the days ahead.
To conclude, EURUSD has gained more than 650 pips in the last three months and may recover further. A daily close is required to identify the definite momentum in the coming days.