EUR/USD : Potential Buy Opportunity Near Strong Support Zone
The EUR/USD pair is currently testing a significant Support/Demand zone on the Daily timeframe, around 1.09, which has previously held as a key level for buyers. With the U.S. Dollar showing signs of weakening, especially as market sentiment shifts amidst economic concerns, this area is critical for determining the next move.
Technical Insights:
Daily Chart: The price is hovering near the demand zone, suggesting that buying interest may emerge from this level. Historically, this region has acted as a major support for price rebounds.
Bullish Convergence on H4: On the H4 timeframe, the Awesome Oscillator (AO) is showing a classic bullish convergence, with the indicator making higher lows while price forms lower lows. This suggests that the selling momentum is weakening, increasing the likelihood of a bullish reversal.
Trade Plan:
Entry: Wait for a clear bullish reversal pattern such as a bullish engulfing or a pin bar around the 1.09 level on the lower timeframes (H1 or H4) for confirmation.
Stop Loss: Below 1.0850, just under the support level to manage risk.
Target: Initial targets around 1.1020, with the possibility to extend higher if bullish momentum continues.
EURUSD EURUSD EURUSD
Technical Insights:
Daily Chart: The price is hovering near the demand zone, suggesting that buying interest may emerge from this level. Historically, this region has acted as a major support for price rebounds.
Bullish Convergence on H4: On the H4 timeframe, the Awesome Oscillator (AO) is showing a classic bullish convergence, with the indicator making higher lows while price forms lower lows. This suggests that the selling momentum is weakening, increasing the likelihood of a bullish reversal.
Trade Plan:
Entry: Wait for a clear bullish reversal pattern such as a bullish engulfing or a pin bar around the 1.09 level on the lower timeframes (H1 or H4) for confirmation.
Stop Loss: Below 1.0850, just under the support level to manage risk.
Target: Initial targets around 1.1020, with the possibility to extend higher if bullish momentum continues.
EURUSD EURUSD EURUSD 
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