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Chart Art: Is EUR/USD Ready to Retest a Range Resistance?

November 10, 2023| Forex Market

Happy Friyay, forex friends!

Can’t get enough of trading USD-related pairs?

Check out EUR/USD finding buyers near an area of interest!

EUR/USD 4-Hour Forex

EUR/USD 4-Hour Forex Chart by TradingView

EUR/USD has been trading inside a wide range since ending a months-long downtrend at the 1.0500 psychological level.

We’re taking a closer look at the pair today because the pair just turned lower from the 1.0750 area of interest and it looks like the 4-hour Pivot Point line (1.0660) is doing a good job of holding off further EUR/USD selling.

Will EUR/USD bounce from the 1.0660 inflection point for a third time and retest its 1.0750 highs?

EUR bulls can take advantage of the consolidation near EUR/USD’s current levels and prepare for a possible bounce to the pair’s previous highs.

More optimistic bulls can also eye the R1 (1.0810) Pivot Point line or the 1.0850 inflection point if we see enough EUR/USD demand.

But what if EUR/USD breaks as a support in the next trading sessions?

Look out for EUR/USD trading and maintaining its levels below the 1.0650 mid-range zone, which opens the pair to a possible move down to the S1 (1.0580) Pivot Point line where the 100 and 200 SMAs area. We could even see a retest of the 1.0520 range support if EUR/USD drops sharply enough in the next few days!

Whichever bias you end up trading, make sure you know EUR/USD’s average daily volatility and that you’re updated on the major catalysts running the show this week. Gotta minimize them risks and maximize profits, ya know?

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