EURUSD H1 29/11/2024 - SELL below 1.0540 OR BUY above 1.0580
Timeframe Analysis
D1 (Daily Timeframe)
Trend:
Overall, the D1 chart indicates a downtrend, but the pair is now in a consolidation phase with bullish attempts.
Price has bounced off the 1.0500 region and is testing Fibonacci 38.2% (1.0577) and 61.8% (1.0580) as key resistance zones.
Key Levels:
Resistance:
1.0580–1.0597: Daily high and Fibonacci resistance (likely to hold unless a strong breakout occurs).
1.0628–1.0678: Higher Fibonacci levels if the breakout continues.
Support:
1.0540: 100% Fibonacci level (current key support).
1.0500: Major psychological and structural support.
H4 (4-Hour Timeframe)
Trend:
Price is attempting to remain above the Ichimoku cloud, indicating possible bullish momentum.
The 200 SMA at 1.0545 is holding as support, reinforcing the bullish bias.
Indicators:
RSI: Neutral at 56, with room for further upside.
Stochastic: Just left overbought territory, signaling a potential pullback before further upside.
MACD: Positive, with the histogram shrinking slightly, suggesting a slowing bullish push.
Key Levels:
Resistance:
1.0580–1.0597 (Fibonacci and recent highs).
Support:
1.0545–1.0550: Near-term support zone (aligns with 200 SMA).
1.0515: Strong support if price breaks lower.
H1 (Hourly Timeframe)
Trend:
The H1 chart shows a slight pullback from 1.0580, with consolidation near the 1.0550 level.
Indicators:
RSI: Neutral at 48–50, with no clear directional bias.
Stochastic: Bearish crossover in the oversold region, hinting at a potential reversal upward soon.
ATR: 13 pips, indicating moderate volatility.
Key Levels:
Resistance:
1.0580–1.0597 (key resistance zone).
Support:
1.0540–1.0550: Current consolidation zone.
1.0515: Lower support.
M30 (30-Minute Timeframe)
Trend:
The M30 chart confirms the pullback, with price retesting support at 1.0550.
Indicators:
RSI: Weak at 43, hinting at slight bearishness.
Stochastic: Oversold and trying to reverse upward.
MACD: Neutral, showing consolidation.
Key Levels:
Same as H1.
Trade Scenarios
Scenario A: Bullish Continuation (BUY Setup)
Rationale: If the price holds support at 1.0550–1.0545 and breaks above 1.0580, the pair could target higher resistance levels near 1.0597 or even 1.0628.
Setup Details:
Entry Price: Above 1.0580 (confirmation of breakout).
Stop-Loss: 1.0550 (below consolidation support).
Take-Profit Levels:
TP1: 1.0597 (Daily high).
TP2: 1.0628 (next Fibonacci level).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Pullback (SELL Setup)
Rationale: If the price fails to break above 1.0580 and falls below 1.0545, it could retest lower support levels near 1.0515 or even 1.0500.
Setup Details:
Entry Price: Below 1.0540 (confirmation of breakdown).
Stop-Loss: 1.0560 (above consolidation).
Take-Profit Levels:
TP1: 1.0515 (near-term support).
TP2: 1.0500 (psychological level).
Risk/Reward Ratio: ~1:2.
D1 (Daily Timeframe)
Trend:
Overall, the D1 chart indicates a downtrend, but the pair is now in a consolidation phase with bullish attempts.
Price has bounced off the 1.0500 region and is testing Fibonacci 38.2% (1.0577) and 61.8% (1.0580) as key resistance zones.
Key Levels:
Resistance:
1.0580–1.0597: Daily high and Fibonacci resistance (likely to hold unless a strong breakout occurs).
1.0628–1.0678: Higher Fibonacci levels if the breakout continues.
Support:
1.0540: 100% Fibonacci level (current key support).
1.0500: Major psychological and structural support.
H4 (4-Hour Timeframe)
Trend:
Price is attempting to remain above the Ichimoku cloud, indicating possible bullish momentum.
The 200 SMA at 1.0545 is holding as support, reinforcing the bullish bias.
Indicators:
RSI: Neutral at 56, with room for further upside.
Stochastic: Just left overbought territory, signaling a potential pullback before further upside.
MACD: Positive, with the histogram shrinking slightly, suggesting a slowing bullish push.
Key Levels:
Resistance:
1.0580–1.0597 (Fibonacci and recent highs).
Support:
1.0545–1.0550: Near-term support zone (aligns with 200 SMA).
1.0515: Strong support if price breaks lower.
H1 (Hourly Timeframe)
Trend:
The H1 chart shows a slight pullback from 1.0580, with consolidation near the 1.0550 level.
Indicators:
RSI: Neutral at 48–50, with no clear directional bias.
Stochastic: Bearish crossover in the oversold region, hinting at a potential reversal upward soon.
ATR: 13 pips, indicating moderate volatility.
Key Levels:
Resistance:
1.0580–1.0597 (key resistance zone).
Support:
1.0540–1.0550: Current consolidation zone.
1.0515: Lower support.
M30 (30-Minute Timeframe)
Trend:
The M30 chart confirms the pullback, with price retesting support at 1.0550.
Indicators:
RSI: Weak at 43, hinting at slight bearishness.
Stochastic: Oversold and trying to reverse upward.
MACD: Neutral, showing consolidation.
Key Levels:
Same as H1.
Trade Scenarios
Scenario A: Bullish Continuation (BUY Setup)
Rationale: If the price holds support at 1.0550–1.0545 and breaks above 1.0580, the pair could target higher resistance levels near 1.0597 or even 1.0628.
Setup Details:
Entry Price: Above 1.0580 (confirmation of breakout).
Stop-Loss: 1.0550 (below consolidation support).
Take-Profit Levels:
TP1: 1.0597 (Daily high).
TP2: 1.0628 (next Fibonacci level).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Pullback (SELL Setup)
Rationale: If the price fails to break above 1.0580 and falls below 1.0545, it could retest lower support levels near 1.0515 or even 1.0500.
Setup Details:
Entry Price: Below 1.0540 (confirmation of breakdown).
Stop-Loss: 1.0560 (above consolidation).
Take-Profit Levels:
TP1: 1.0515 (near-term support).
TP2: 1.0500 (psychological level).
Risk/Reward Ratio: ~1:2.
Note
Trade kicked in with BUY on Friday, however this morning (Monday 02/12) closed with S/L, neverthless the SELL kicked in accordingly and closed with T/P.
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.