EUR/USD: technical analysis and trading recommendations_04/05/2022

 
 
 
 
 
 
 

EUR/USD continues to trade in the bear market zone, declining within the descending channels on the daily and weekly charts. The lower border of the descending channel on the weekly chart is below 1.0700, near the lows of March 2020.

EUR/USD W Chart

Probably, this mark can become a reference point for short positions on the pair with intermediate targets at 1.0900, 1.0850, 1.0800, 1.0765.

EUR/USD D Chart

In the area below the resistance levels 1.1036 (EMA200 on the 1-hour chart), 1.1084 (EMA200 on the 4-hour chart), 1.1130 (EMA50 and the upper line of the descending channel on the daily chart), nothing threatens short positions in EUR/USD.

EUR/USD H4 Chart

In an alternative scenario, corrective growth may begin after the breakdown of the short-term resistance level 1.1006 (EMA200 on a 15-minute chart) with targets at resistance levels 1.1036, 1.1084, 1.1100, 1.1130, near which pending sell orders can be placed.

EUR/USD H1 Chart

Below resistance levels 1.1285 (Fibonacci 23.6% of the upward correction in the wave of the pair's decline from the level 1.3870, which began in May 2014, to 1.0500), 1.1335 (local highs and ЕМА144 on the daily chart), 1.1415 (ЕМА200 on the daily chart) EUR/USD is in the bear market zone. Downward dynamics prevails, making short positions preferable.

 Support levels: 1.0900, 1.0850, 1.0765, 1.0700, 1.0500, 1.0350

Resistance levels: 1.1006, 1.1036, 1.1084, 1.1130, 1.1200, 1.1285, 1.1300, 1.1335, 1.1415, 1.1500, 1.1550, 1.1740, 1.1780

Trading Recommendations

Sell by market. Sell ​​Limit 1.1036, 1.1084, 1.1100, 1.1130. Stop Loss 1.1180. Take-Profit 1.0950, 1.0900, 1.0850, 1.0765, 1.0700, 1.0500, 1.0350

Buy Stop 1.1010. Stop Loss 1.0960. Take-Profit 1.1036, 1.1084, 1.1100, 1.1130