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Salzworth
Jul 22, 2022 9:10 AM

Outlook on EURUSD: Bullish play seen Long

Euro / U.S. DollarFOREX.com

Description

On the H4 time frame, prices are testing the support zone at 1.0100 in line with the 100% Fibonacci extension and 50% Fibonacci retracement where we could see further upside above this level to the resistance zone at 1.04000. This resistance zone lines up with the graphical resistance turned support level, 50% Fibonacci retracement and 100% Fibonacci extension. A break above the intermediate resistance zone at 1.02720 would provide the bullish acceleration to the next resistance target. Stochastic is approaching support as well where we could see a bounce above its support at 4.81.
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