EUR/USD is looking to establish a foothold above 1.18 in Asia. The 4-hour chart shows the pullback from recent highs above 1.19 has ended. EUR/USD is currently chipping away at the psychological hurdle of 1.18, having put in a low of 1.1711 on Wednesday. The 4-hour chart shows a falling wedge breakout. The pattern comprises converging trendlines connecting lower highs and lower lows. The converging nature of trendlines is considered a sign of weak bearish momentum. As such, the breakout is considered a sign of bullish reversal. In EUR’s case, it indicates that the pullback from recent highs above 1.19 has ended and the uptrend has resumed. The immediate hurdle is located at 1.1916 (Aug. 6 high). Meanwhile, support is located at 1.1777 (Asian session low), which, if breached, would shift risk in favor of a re-test of a weekly low of 1.1711. 4-hour chart Trend: Bullish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY eases from three-week high to sub-107.00 area amid risk reset FX Street 2 years EUR/USD is looking to establish a foothold above 1.18 in Asia. The 4-hour chart shows the pullback from recent highs above 1.19 has ended. EUR/USD is currently chipping away at the psychological hurdle of 1.18, having put in a low of 1.1711 on Wednesday. The 4-hour chart shows a falling wedge breakout. The pattern comprises converging trendlines connecting lower highs and lower lows. The converging nature of trendlines is considered a sign of weak bearish momentum. As such, the breakout is considered a sign of bullish reversal. In EUR’s case, it indicates that the pullback from recent highs above 1.19… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
