EUR/USD is Long as the Price is Retracing

EUR/USD Technical Analysis

• The break above W H3 is possible
• W H4 is the target
• W H3 is interim resistance

H4 Chart EUR/USD

1. Swing low
2. Swing high
3. Retracement
4. Target

The EUR/USD is in retracement mode. Risk-on is dominating the markets now as the Russia-Ukraine situation is not getting worse and negotiations are in progress. At this point I expect a breakout as you can see from my position. If the W H3 breaks we should see the ATR high hit – 1.1050. Buy the dips scenario is holding bears from advancing further. The final target is W H4 1.1090 for the intra-week setup.

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Cheers and safe trading,

Nenad