EUR/USD has been bullish on the daily chart. Yesterday’s candle came out as a bullish Marubozu candle. The price made a breakout at yesterday’s highest high on some intraday charts. The pair is trading above the breakout level as of writing. Intraday buyers may look for long opportunities and push the price towards the North further. Let us now have a look at three key charts of the pair.
Chart 1 EUR/USD Daily Chart
The daily chart shows that the price after making a bullish move found its resistance around 1.10145. It then made a bearish correction and found its support around 1.08900. The chart produced a morning star and pushed the price towards the North. On its way, it made a breakout at 1.10145 and headed towards the upside. Since the pair is trading above yesterday’s highest high, it may continue its bullish journey today as well. The buyers on the daily chart may want to wait for the price to consolidate and produce a bullish reversal candle to offer them a long entry with good risk-reward. The price may consolidate around the level of 1.11500.
Chart 2 EUR/USD H4 Chart
The chart shows that the price headed towards the North and made a significant breakout at 1.10000. Upon producing a bullish engulfing candle at 1.10000, it has been heading towards the North. It has consolidated around the level of 1.10750 and produced a Morning Star as well. Thus, the buyers may go long in the pair and drive the price towards the North further. The price may find its next resistance around 1.11300.
Chart 3 EUR/USD H1 Chart
The chart shows that the price after making a strong bullish move found its resistance at 1.10700 and consolidated within 1.10700- 1.10920. The level of support pushed the price towards the resistance upon producing a bullish engulfing candle. The price made a breakout at the level of 1.10920. As of writing, the pair is trading above the breakout level. Thus, the buyers may go long in the pair and push the price towards the North. This may end up producing a good bullish momentum in other intraday charts.
Considering these three charts, it seems that the buyers have the upper hand, and they may push the price towards the North today as well. There is a daily resistance nearby, which may make the daily candle have a long upper shadow. If it does not, but the daily candle closes like a bullish Marubozu candle, the pair may remain bullish in the coming days as well.