This chart is a technical analysis of the EUR/USD currency pair on a 1-hour timeframe. Here's what it suggests:
Key Elements:
1. Elliott Wave Count (1 to 5):
The chart appears to mark a 5-wave impulsive move upwards (based on Elliott Wave Theory), ending around point (5).
After the peak, a corrective wave seems to be unfolding.
2. Support/Resistance Zones:
Upper Box (1.10040 - 1.10425): A resistance zone, where price is currently testing.
Lower Box (around 1.08700 - 1.09000): A support zone, the expected downside target.
Blue line at 1.08374: A major historical support level.
3. Bearish Price Action Forecast:
The blue arrow indicates a bearish forecast — suggesting a potential drop from the current level (around 1.10020) down to the support zone.
The black trendline break supports this bearish outlook.
4. Supertrend Indicator (10,3):
Currently red, which implies a bearish trend is active.
Summary:
The analyst expects EUR/USD to face resistance around 1.10040 - 1.10425, then reverse and fall towards the 1.08700 area or lower, aligning with a wave correction and technical support.
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Key Elements:
1. Elliott Wave Count (1 to 5):
The chart appears to mark a 5-wave impulsive move upwards (based on Elliott Wave Theory), ending around point (5).
After the peak, a corrective wave seems to be unfolding.
2. Support/Resistance Zones:
Upper Box (1.10040 - 1.10425): A resistance zone, where price is currently testing.
Lower Box (around 1.08700 - 1.09000): A support zone, the expected downside target.
Blue line at 1.08374: A major historical support level.
3. Bearish Price Action Forecast:
The blue arrow indicates a bearish forecast — suggesting a potential drop from the current level (around 1.10020) down to the support zone.
The black trendline break supports this bearish outlook.
4. Supertrend Indicator (10,3):
Currently red, which implies a bearish trend is active.
Summary:
The analyst expects EUR/USD to face resistance around 1.10040 - 1.10425, then reverse and fall towards the 1.08700 area or lower, aligning with a wave correction and technical support.
Do you want help turning this into a TradingView post or analysis caption?
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.