4 min readWelcome to today’s Daily Technical Update on EUR/USD.
On the 4-hour chart, we’re seeing that the low timeframe consolidation range discussed in yesterday’s update was actually price front-running the 1.1600 resistance zone. Price has since broken out and is now retesting the untested breakout area, which aligns closely with the 0.618–0.786 Fibonacci retracement levels—an area often referred to as the Reload Zone.
Whether or not you use that label, this zone’s potential significance for price action is well established, and many traders confirm its validity through manual backtesting.
At the time of writing this article, there is about 1 hour and 15 minutes remaining until the current 4-hour candle closes. If this candle closes as a bullish engulfing, it could provide a stronger confirmation of the retest holding.
So far, this looks like a textbook bullish retest of a previously untested breakout level. Let’s now dive into the lower timeframes to assess whether there’s additional structure or confluence with the levels from the previous range.
Intraday View – 1H Chart Offers Clarity on Structure and Key Levels
Zooming into the 1-hour chart, we can see that the Fibonacci levels marked out on the 4-hour are in direct confluence with the previous range EQ area. Just above current price, we also have the previous range highs sitting near 1.14300.
A reclaim of 1.14300 could serve as a key confirmation of bullish continuation—indicating that price has successfully retested the breakout zone and is now exiting the prior range with strength. That would add further technical significance to the move we’re currently watching unfold.
If this area fails to hold, the next level to monitor is the range low near 1.12800. A break below that would shift focus toward the 1.12000 support zone, and in the case of a broader downside move, the 1.10800 level could come back into play.
These are the critical intraday and near-term levels to monitor throughout the day and possibly into the rest of the week.
We’ll be back tomorrow with a fresh update on EUR/USD to track how price has evolved. Good luck out there—and as always, manage your risk accordingly.
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