H4 Technical Analysis

Hello. Now I'm looking at the H4 time frame, where I still use the same trading pattern. I have already explained this in my previous technical analysis. So, I can see that the rebound from last Friday is still going on for EUR/USD, although I expect this rebound to end around 1.0600, the ascending channel upper trend line. On the other hand, most central banks have repeatedly raised interest rates, but the ECB plans to raise rates by 25 basis points in July. However, the ECB's restraint is not much better than the Fed's aggressive position.

The situation in the EU will continue to deteriorate due to tensions in EU-Russia relations and energy shortages. Thus, the bias of fundamental indicators indicates a downward trend in the pair EUR/USD. In addition, if EUR/USD does not settle above the supply level of 1.0600 by this week, we can expect the downward trend to continue with a target of 1.0500, which will decrease, and then a further downward trend focused on the demand of 1.0400.