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23 Oct 2022

EUR/USD Price Analysis: Bulls move in and eye key trendline resistance

  • EUR/USD bulls emerge and eye a test of the coil's trendline.
  • Bears need to get below hourly support around 0.9800.

Big moves in forex on Friday have put a bid into the euro. The US dollar index dropped as investors scaled back bets on aggressive monetary tightening after a WSJ report said that some Fed officials are concerned about overtightening with large rate hikes. Following Friday's volatility, the euro has moved out of bearish territory within the medium-term coil with prospects towards 0.99 for the days ahead as the following charts illustrate.

EUR/USD daily chart

Trendline resistance guards a break towards 1.0000 while the price embarks on the 0.9850 territories. 

EUR/USD H4 chart

Zoomed into the 4-hour charts, a correction could be at hand from which the bulls will need to commit from prior resistance near 0.98 the figure or face pressures to prior lows that guard a break of the coil's support between 0.9750 and 0.9700. 

EUR/USD H1 chart

From an hourly perspective, the 38.2% Fibonacci retracement of the bullish impulse aligns with 0.9800 resistance which could provide a firm support structure for the bulls in the upcoming sessions.  

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