Looking at the EUR/USD H4 chart, here are some key observations:
Fibonacci Levels:
The 0.618 Fibonacci level near 1.0456 appears to be a potential bullish target if price rallies from current levels.
Key Support Zone:
The green support zone around 1.0200-1.0230 looks significant, where buyers may defend the area. A bounce from here could trigger upward momentum.
Trendline Dynamics:
The blue descending trendline may continue to act as resistance if the price moves upward, aligning with the 0.786 Fibonacci level near 1.0531.
Potential Scenarios:
Bullish Case: If the price sustains above the current support, it may target 1.0450 and higher levels.
Bearish Case: A break below the red zone near 1.0200 could indicate further bearish pressure toward 1.0100 or lower.
This setup highlights an interesting reversal or breakdown possibility. Watch for confirmation of support/resistance levels before entering trades.
Fibonacci Levels:
The 0.618 Fibonacci level near 1.0456 appears to be a potential bullish target if price rallies from current levels.
Key Support Zone:
The green support zone around 1.0200-1.0230 looks significant, where buyers may defend the area. A bounce from here could trigger upward momentum.
Trendline Dynamics:
The blue descending trendline may continue to act as resistance if the price moves upward, aligning with the 0.786 Fibonacci level near 1.0531.
Potential Scenarios:
Bullish Case: If the price sustains above the current support, it may target 1.0450 and higher levels.
Bearish Case: A break below the red zone near 1.0200 could indicate further bearish pressure toward 1.0100 or lower.
This setup highlights an interesting reversal or breakdown possibility. Watch for confirmation of support/resistance levels before entering trades.
Note
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Premium signals t.me/forexbee_admin ✅
My Free Telegram Channel: t.me/forexbeeofficial
website: forexbeesignals.com
My Free Telegram Channel: t.me/forexbeeofficial
website: forexbeesignals.com
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.