#EURUSD
💸 #EURUSD
🕓 Time Frame: 4hr
🔼 Status: Neutral / Bullish
📆 22/07/2024
The market has recently pulled back, with bears pushing the price towards the support zone. EUR/USD has retracted from its resistance zone, forming a long-tailed bar on the weekly timeframe. This pattern suggests a deeper pullback is possible. Currently, the market is trading sideways, forming a consolidation box.
Key Observations:
Support Zone: Below the current consolidation box, there's a confluence area around 1.08500, which includes a support level, a channel border, and a trendline.
Historical Bounce: The price has previously bounced from this level, indicating a potential for another upward move.
Sideways Trading: The market is trading sideways, creating a consolidation box.
Technical Indicators:
Long-Tailed Bar: Indicates potential for a deeper pullback.
Confluence Area: Includes multiple technical factors such as a support level, channel border, and trendline at 1.08500.
Forecast:
Given the historical bounce from the confluence area and the current market structure, it's likely that the EUR/USD will move up from this area. The overall trend remains bullish, suggesting a potential retest of the recent resistance zone above.
Target:
Resistance Level: My goal is a resistance around 1.09200.
🕓 Time Frame: 4hr
🔼 Status: Neutral / Bullish
📆 22/07/2024
The market has recently pulled back, with bears pushing the price towards the support zone. EUR/USD has retracted from its resistance zone, forming a long-tailed bar on the weekly timeframe. This pattern suggests a deeper pullback is possible. Currently, the market is trading sideways, forming a consolidation box.
Key Observations:
Support Zone: Below the current consolidation box, there's a confluence area around 1.08500, which includes a support level, a channel border, and a trendline.
Historical Bounce: The price has previously bounced from this level, indicating a potential for another upward move.
Sideways Trading: The market is trading sideways, creating a consolidation box.
Technical Indicators:
Long-Tailed Bar: Indicates potential for a deeper pullback.
Confluence Area: Includes multiple technical factors such as a support level, channel border, and trendline at 1.08500.
Forecast:
Given the historical bounce from the confluence area and the current market structure, it's likely that the EUR/USD will move up from this area. The overall trend remains bullish, suggesting a potential retest of the recent resistance zone above.
Target:
Resistance Level: My goal is a resistance around 1.09200.
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.