EURUSD bulls have regained momentum after bouncing from 1.1980 to 1.2000 support level. EURUSD is facing resistance around 1.2120 event level. Will the bears push the price downside in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s EUR/USD Technical Analysis.
April 26, 2021, | AtoZ Markets – EURUSD is currently trading around 1.2095 area and trying to push lower. After breaking over 1.1980 to 1.2000 resistance area, the bulls pushed the price higher quite impulsively, but failed to sustain the bullish pressure further as the price faced strong resistance at the down trend line. As per the current price action, the dynamic level of 20 EMA may carry the price as strong support on the intraday chart in the coming days.
EURUSD Facing Resistance at the Downtrend Line
EURUSD is currently residing near 1.2095 area and trying to decline. However, the price is also facing resistance at the Bollinger Bands’ upper band on the intraday chart.
Image: EURUSD 4 Hour Chart
According to the 4-hour chart, EURUSD is facing resistance and currently trading around 1.2095 area. As per the current price action context, if the price can have an impulsive 4-hour bearish candle close below 1.2120 to 1.2100 area, the bears may regain momentum and push the price downside towards 1.2000 to 1.1980 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may carry the price as strong support. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead.
EURUSD Bulls May Recover Further
According to the daily chart, EURUSD is facing resistance as the downtrend line is working strongly. As per the current scenario, if the price can break over 1.2100 to 1.2120 area with an impulsive bullish candle, the bulls may sustain the bullish momentum towards 1.2300 to 1.2350 key area in the coming days. On the contrary, if the price rejects 1.2120 to 1.2100 area with a daily bearish candle, the bears may regain momentum and push the price down towards 1.2000 to 1.1980 area as a first target. The second target will be 1.1850 to 1.1800 area if the price can break below 1.2000 to 1.1980 area in the days ahead.
Image: EURUSD Daily Chart
Along with this, the dynamic level of 20 EMA is currently residing below the price. So, it may pull the price down as a mean reversion. Moreover, the MACD lines are currently residing above the 0.00 level and gradually moving upside. It indicates that the bulls are still holding the bullish bias and may strike higher in the process.
To conclude, as the overall momentum is still bullish, there is a high chance that the bulls may break over the down trend line. An impulsive daily close is required to identify the definite momentum in the coming days.