There is a potential bullish trend forming on the EUR/USD 4-hour chart. The bounce over the weekly support and the subsequent upward move indicate a shift in bias towards the bullish side.
The fact that the market has tested the support twice and created a new impulse suggests that there is buying pressure in the market. However, the current price is below the 1.0700 level, which could be a potential resistance level.
If the price manages to break above the 1.0700 level, it could be a good opportunity to set a long order. Traders should also keep an eye on any potential support levels and ensure they have a stop-loss in place in case the market moves against their position.
As always, it is important to keep an eye on any fundamental news that today could impact the market, as this could change the technical analysis and shift the trend in the opposite direction.
The fact that the market has tested the support twice and created a new impulse suggests that there is buying pressure in the market. However, the current price is below the 1.0700 level, which could be a potential resistance level.
If the price manages to break above the 1.0700 level, it could be a good opportunity to set a long order. Traders should also keep an eye on any potential support levels and ensure they have a stop-loss in place in case the market moves against their position.
As always, it is important to keep an eye on any fundamental news that today could impact the market, as this could change the technical analysis and shift the trend in the opposite direction.
