EUR/USD Analysis
Recent global events particularly the ongoing conflict in Iran and associated political instability have contributed to a sustained downtrend in the U.S. Dollar Index (DXY). The index is currently approaching major historical support levels, which further reinforces the weakening dollar narrative.
Inversely, EUR/USD continues to exhibit bullish momentum. The pair is steadily climbing and is now approaching a key weekly resistance level. If this resistance is broken, we anticipate a strong push toward our final take-profit (TP) target.
At present:
Market Structure remains bullish
We are watching for signs of continuation such as:
Change of character (ChoCH)
Break of structure (BoS)
Demand zone confirmations
We're currently scanning for a low-risk entry upon confirmation preferably via a clean pullback or bullish engulfing confirmation on the lower timeframes. The goal is to catch the next leg up with solid risk-reward.
For now, it’s a waiting game. The trend is our friend, and we’ll let price action show us the way.
Let’s see how this bad boy plays out.
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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.