This 4-hour chart of EUR/USD suggests a potential bearish reversal from a key resistance level.
Rising Channel Breakdown: The price recently broke below an ascending channel, signaling weakness.
Resistance Zone: The pair is testing 1.08788, a key level where selling pressure may increase.
Bearish Target: A breakdown from this level could lead the price to 1.03704, aligning with previous support.
Trading Plan:
Sell Entry: Look for rejection at the resistance level.
Stop-Loss: Above 1.09000 to minimize risk.
Take Profit: First target at 1.03704.
Technical Indicators to Watch:
Bearish Candlestick Patterns at resistance.
RSI Divergence indicating overbought conditions.
Break and Retest Confirmation for a stronger short signal.
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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.