- EUR/USD bulls in play from key support on the monthly time frame.
- Lower time frames depict the bullish outlook on a break of the hourly 10 SMA for the open.
EUR/USD is decelerating in its current bearish impulse and the upside is compelling from support.
The following illustrates the playbook.
Monthly chart
Price has reached a 61.8% Fibonacci retracement at monthly support.
Weekly chart
The weekly depicts the outlook as well.
Daily chart
However, from a daily perspective, there is resistance to be concerned for. This offers a confluence of the 50% mean reversion and prior lows.
4-hour chart
The 4-hour 10 SMA is a firm target in confluence with the daily chart’s resistance.
1-hour chart
The 1-hour time frame remains bearish but from support, the price can take out the 10-moving average and head towards resistance.
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