Key Observations from the Chart:
Current Price & Trend:
The EUR/USD price is around 1.08207, showing a slight decline.
The price recently broke below a key support zone, indicating a potential bearish move.
Important Levels Identified:
Resistance Zones:
1.0950 - 1.0970 (Weak High Zone) → A supply area where sellers may dominate.
Support Zones:
1.08212 (Immediate Support)
1.07780 (Next Major Support)
1.07220, 1.07066, 1.06901 (Stronger Demand Zones)
Market Structure:
Break of Structure (BOS) observed in the recent price action, indicating sellers are gaining control.
Change of Character (CHoCH) confirms a shift in trend from bullish to bearish.
Liquidity and Price Action:
Price recently grabbed liquidity above the weak high and then sharply dropped.
This suggests a liquidity grab before a potential downtrend continuation.
The unfilled imbalance zone above may act as a resistance if price retraces.
Expected Movement:
Bearish Bias (More Likely)
Since price has already broken the recent low at 1.08212, it is likely to continue falling towards the 1.07780 zone.
If price closes below 1.07780, it may drop further towards 1.07220 and 1.07066, which are stronger demand zones.
The presence of BOS and CHoCH suggests sellers are in control.
Bullish Scenario (Less Likely)
If price reclaims 1.08212 and closes strongly above, a retest of 1.0950-1.0970 (the weak high) is possible.
However, a strong breakout above 1.0950 is required for a bullish continuation.
Trading Plan:
Sell Setup:
Entry: If price retests 1.08212 and shows rejection, enter a short trade.
Target 1: 1.07780
Target 2: 1.07220
Stop Loss: Above 1.0850
Buy Setup (Less Likely):
If price reclaims 1.08212 and closes above, look for buys targeting 1.0950.
Stop Loss: Below 1.0800
Current Price & Trend:
The EUR/USD price is around 1.08207, showing a slight decline.
The price recently broke below a key support zone, indicating a potential bearish move.
Important Levels Identified:
Resistance Zones:
1.0950 - 1.0970 (Weak High Zone) → A supply area where sellers may dominate.
Support Zones:
1.08212 (Immediate Support)
1.07780 (Next Major Support)
1.07220, 1.07066, 1.06901 (Stronger Demand Zones)
Market Structure:
Break of Structure (BOS) observed in the recent price action, indicating sellers are gaining control.
Change of Character (CHoCH) confirms a shift in trend from bullish to bearish.
Liquidity and Price Action:
Price recently grabbed liquidity above the weak high and then sharply dropped.
This suggests a liquidity grab before a potential downtrend continuation.
The unfilled imbalance zone above may act as a resistance if price retraces.
Expected Movement:
Bearish Bias (More Likely)
Since price has already broken the recent low at 1.08212, it is likely to continue falling towards the 1.07780 zone.
If price closes below 1.07780, it may drop further towards 1.07220 and 1.07066, which are stronger demand zones.
The presence of BOS and CHoCH suggests sellers are in control.
Bullish Scenario (Less Likely)
If price reclaims 1.08212 and closes strongly above, a retest of 1.0950-1.0970 (the weak high) is possible.
However, a strong breakout above 1.0950 is required for a bullish continuation.
Trading Plan:
Sell Setup:
Entry: If price retests 1.08212 and shows rejection, enter a short trade.
Target 1: 1.07780
Target 2: 1.07220
Stop Loss: Above 1.0850
Buy Setup (Less Likely):
If price reclaims 1.08212 and closes above, look for buys targeting 1.0950.
Stop Loss: Below 1.0800
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.