4-hour EUR/USD chart, here's the analysis and trade setup:
Current Price Movement:
The price is sitting on a critical support level in the 1.0900 - 1.0920 range, which aligns with a previous structure support zone (highlighted in blue).
The market has been in a bearish trend recently, making lower highs and lower lows.
Key Support and Resistance Levels:
Immediate Support: Around 1.0900 - 1.0920 (blue zone).
Immediate Resistance: Around 1.1050 (red zone), which was previously tested and acted as resistance.
Potential Buy and Sell Signals:
Sell Signal:
Entry: If the price breaks below 1.0900, it could lead to further downside momentum.
Stop Loss (SL): Set the stop loss above 1.0950 to manage risk.
Target (TP): First target at 1.0850, and if momentum continues, a secondary target near 1.0800.
Buy Signal:
Entry: If the price holds above the 1.0900 - 1.0920 support zone and shows a strong reversal.
Stop Loss (SL): Place the stop loss below 1.0870 to protect against downside.
Target (TP): First target at 1.1000, and if the bullish momentum holds, a further target around 1.1050.
Outlook:
The chart is showing a bearish bias overall with lower highs. However, if the support zone holds, it could offer a reversal opportunity for buyers.
A break below 1.0900 would signal further bearish pressure, while a bounce from this level could lead to a recovery toward 1.1050.
Current Price Movement:
The price is sitting on a critical support level in the 1.0900 - 1.0920 range, which aligns with a previous structure support zone (highlighted in blue).
The market has been in a bearish trend recently, making lower highs and lower lows.
Key Support and Resistance Levels:
Immediate Support: Around 1.0900 - 1.0920 (blue zone).
Immediate Resistance: Around 1.1050 (red zone), which was previously tested and acted as resistance.
Potential Buy and Sell Signals:
Sell Signal:
Entry: If the price breaks below 1.0900, it could lead to further downside momentum.
Stop Loss (SL): Set the stop loss above 1.0950 to manage risk.
Target (TP): First target at 1.0850, and if momentum continues, a secondary target near 1.0800.
Buy Signal:
Entry: If the price holds above the 1.0900 - 1.0920 support zone and shows a strong reversal.
Stop Loss (SL): Place the stop loss below 1.0870 to protect against downside.
Target (TP): First target at 1.1000, and if the bullish momentum holds, a further target around 1.1050.
Outlook:
The chart is showing a bearish bias overall with lower highs. However, if the support zone holds, it could offer a reversal opportunity for buyers.
A break below 1.0900 would signal further bearish pressure, while a bounce from this level could lead to a recovery toward 1.1050.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.