EUR/USD: Facing Resistance - Breakout or Rebound?
The EUR/USD 4-hour chart shows that the price is trading just below the 34 and 89 EMAs, which is creating a clear resistance around the 1.05800 area. The Euro has been trying to break above this area, but has failed in recent sessions, indicating indecision in the market.
The price is currently showing a cautious approach, and a break above the 89 EMA would need further confirmation from strong volume to ensure that this is not just a false breakout. A failure to break above would likely see the price fall back below the EMAs and towards the lower support around 1.05000.
However, if EUR/USD succeeds in breaking and sustaining above the 1.05800 level, this could signal a new bullish trend, with the next target likely being the 1.06000 area and higher.
The price is currently showing a cautious approach, and a break above the 89 EMA would need further confirmation from strong volume to ensure that this is not just a false breakout. A failure to break above would likely see the price fall back below the EMAs and towards the lower support around 1.05000.
However, if EUR/USD succeeds in breaking and sustaining above the 1.05800 level, this could signal a new bullish trend, with the next target likely being the 1.06000 area and higher.
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