EUR/USD at a Crossroads – Which Way Will It Go?

Alright traders, let’s break down the EUR/USD daily and 4-hour charts to see where the market’s at.

Daily Chart:
On the daily chart, EUR/USD is showing signs of exhaustion after a strong upward move, struggling to break above the 1.09510 resistance level. The price is now hovering around the 38.2% Fibonacci retracement level at 1.09267, which is acting as a temporary support. The 21 EMA is providing additional support around 1.08730. If the bulls can hold above this level, we might see another attempt to push higher, but failure to do so could bring the price back down towards the 50% retracement level at 1.08932.

4-Hour Chart:
Zooming into the 4-hour chart, EUR/USD is consolidating within a tight range, with the price stuck between the 38.2% and 50% Fibonacci retracement levels. The 21 EMA on the 4-hour chart is sitting right at 1.09157, acting as a pivot point. If we get a break below this level, it could trigger a move down towards the 61.8% retracement at 1.08658. On the flip side, a breakout above 1.09510 could signal a continuation of the bullish trend.

My bias right now is slightly bearish, but I’m waiting for a clear break of these key levels before committing to a direction. Stay on your toes and watch for those breakout signals!