SHORTERS out BUYERS in >>> U-turn
The image depicts the EUR/USD currency pair on a 4-hour chart. Here's a brief description of the price action visible in the chart:
1. **Overall Trend**:
- The EUR/USD pair shows an upward movement initially, followed by a period of consolidation, and then another upward movement.
- Recently, there has been a downward sloping trend line indicating some bearish pressure.
2. **Key Support and Resistance Levels**:
- **Support Levels**: Marked around 1.06733, 1.07009, 1.07335, and 1.07645.
- **Resistance Levels**: Marked around 1.08343 and 1.08904.
3. **Recent Price Action**:
- The price broke above a previous resistance level around 1.07645, continued upwards, but faced resistance near 1.08904.
- After reaching this resistance, the price started to pull back, forming a descending trend line.
- The price appears to be consolidating between the 1.08343 and 1.07978 levels.
4. **Trades**:
- There are marked trade levels with "SELL" positions around 1.06733 and 1.07978, and a "BUY STOP" level at 1.08903.
5. **Trend Lines**:
- A downward trend line is observed, indicating the recent bearish trend.
- The price is currently testing this trend line, suggesting potential further moves depending on whether it breaks above or continues to respect this trend line.
Overall, the chart shows that while there has been bullish momentum pushing the EUR/USD pair higher, recent price action suggests consolidation and a potential reversal if the downward trend line continues to act as resistance. Key levels to watch are the support around 1.07978 and the resistance at 1.08343.
1. **Overall Trend**:
- The EUR/USD pair shows an upward movement initially, followed by a period of consolidation, and then another upward movement.
- Recently, there has been a downward sloping trend line indicating some bearish pressure.
2. **Key Support and Resistance Levels**:
- **Support Levels**: Marked around 1.06733, 1.07009, 1.07335, and 1.07645.
- **Resistance Levels**: Marked around 1.08343 and 1.08904.
3. **Recent Price Action**:
- The price broke above a previous resistance level around 1.07645, continued upwards, but faced resistance near 1.08904.
- After reaching this resistance, the price started to pull back, forming a descending trend line.
- The price appears to be consolidating between the 1.08343 and 1.07978 levels.
4. **Trades**:
- There are marked trade levels with "SELL" positions around 1.06733 and 1.07978, and a "BUY STOP" level at 1.08903.
5. **Trend Lines**:
- A downward trend line is observed, indicating the recent bearish trend.
- The price is currently testing this trend line, suggesting potential further moves depending on whether it breaks above or continues to respect this trend line.
Overall, the chart shows that while there has been bullish momentum pushing the EUR/USD pair higher, recent price action suggests consolidation and a potential reversal if the downward trend line continues to act as resistance. Key levels to watch are the support around 1.07978 and the resistance at 1.08343.
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