In my previous posts about EUR/USD, I discussed the potential for an upside correction following the break below the 1.05 support level, the drop to 1.0330, and the subsequent reversal. I suggested that this upward movement could potentially push the price toward the 1.0670 resistance zone.
Indeed, the pair did rise, reaching an intraday high of 1.0628 during Friday's NFP event. However, the day ended with a downside move, leaving a red candle with a long wick on the daily chart.
The medium-term trend for EUR/USD remains bearish. This, combined with the overlapping structure from the recent low, clearly indicates that we are not witnessing the start of a bullish trend but rather a corrective phase.
The key question now is whether this correction has concluded. To confirm, we would need to see a break back below the 1.05 level.
With this in mind, if the pair revisits Friday's high, I plan to sell, placing a stop loss above 1.07 and targeting the 1.0450 support level.
Indeed, the pair did rise, reaching an intraday high of 1.0628 during Friday's NFP event. However, the day ended with a downside move, leaving a red candle with a long wick on the daily chart.
The medium-term trend for EUR/USD remains bearish. This, combined with the overlapping structure from the recent low, clearly indicates that we are not witnessing the start of a bullish trend but rather a corrective phase.
The key question now is whether this correction has concluded. To confirm, we would need to see a break back below the 1.05 level.
With this in mind, if the pair revisits Friday's high, I plan to sell, placing a stop loss above 1.07 and targeting the 1.0450 support level.
Trade active
EurUsd broke under support.New leg down is probable
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.