The EUR/USD pair has broken below an ascending channel, signaling a potential bearish trend. After the breakdown, price is now retesting the previous support as new resistance, creating a sell opportunity.
🔎 Key Observations:
✅ Resistance Zone: The 1.08392 - 1.08411 level is acting as a strong resistance after the breakdown.
✅ Sell Confirmation: A rejection from this resistance level will confirm the bearish move, with 1.06773 as the next target.
✅ Bearish Expectation: If price fails to reclaim the broken trendline, further downside momentum is expected.
📌 Trading Plan:
🔻 Look for bearish price action signals (e.g., rejections, bearish engulfing candles) at the retest area.
🔻 A confirmed sell setup can target 1.06773 as the next support zone.
🚨 Risk Management Tip: Use stop-loss above 1.08500 to protect against invalidation.
💬 What are your thoughts on this setup? Are you looking for shorts or waiting for more confirmation?
🔎 Key Observations:
✅ Resistance Zone: The 1.08392 - 1.08411 level is acting as a strong resistance after the breakdown.
✅ Sell Confirmation: A rejection from this resistance level will confirm the bearish move, with 1.06773 as the next target.
✅ Bearish Expectation: If price fails to reclaim the broken trendline, further downside momentum is expected.
📌 Trading Plan:
🔻 Look for bearish price action signals (e.g., rejections, bearish engulfing candles) at the retest area.
🔻 A confirmed sell setup can target 1.06773 as the next support zone.
🚨 Risk Management Tip: Use stop-loss above 1.08500 to protect against invalidation.
💬 What are your thoughts on this setup? Are you looking for shorts or waiting for more confirmation?
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.