EUR/USD Testing Intraday Resistance

EUR/USD: testing intraday resistance

• Bollinger Bands bullish;
• RSI bullish;
• Awesome Oscillator bullish.

The single European currency is testing the upper band of the recent range versus the US dollar. The four-hour chart setup below is about to turn bullish with a possible continuation if EUR/USD closed at least one 4H candlestick above the recent peak. On top of that, there’s a chance of a bullish breakout signal on the Bollinger Bands indicator.    

The Relative Strength Index points to a sustainable momentum above the 50% threshold, while the distance to the overbought zone is quite large. The Awesome Oscillator went into bullish territory as well. A retest of the previous peak slightly above the 1.06 figure seems to be inevitable given the recent performance, however, further trend direction is not so clear as a bearish rebound is still possible.                                                          

Pivot points:

R1: 1.06058 (previous peak);

R2: 1.06540 (previous bottom);

S1: 1.05435 (BB middle line);

S2: 1.04875 (BB lower line).