EUR/USD Analysis: Bulls Struggle to Break Key Resistance Levels on Higher Timeframes, Lower Timeframes Favor Bullish Momentum
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EUR/USD
Higher timeframes Bulls continue to rise, but failed to close above the high of the daily correction (1.1012) yesterday. This mark and the next high of the weekly correction (1.1096) remain the main targets of the current upward movement. The nearest supports of the higher timeframes today are 1.0936 (daily short-term trend) and 1.0901 (monthly medium-term trend).
H4 - H1
On lower timeframes, the main advantage now belongs to the bulls. As of writing, they are testing the first resistance of the classic pivot points (1.1031), and further targets for an intraday rise are R2 (1.1053) and R3 (1.1080). The key levels today serve as supports and are located at 1.1004 (central pivot point) and 1.0939 (weekly long-term trend); intermediate supports are S1 (1.0982) and S2 (1.0955). The weekly long-term trend (1.0939) is currently reinforced by the daily short-term trend (1.0936), so a consolidation below will help change the current balance of power not only on lower timeframes but also on the daily timeframe.
