After retesting the 1.0360 support during Monday’s Asian session open, EUR/USD reversed to the upside, reaching the 1.05 resistance zone.
The pair then broke above this level, surging higher and reaching the 1.08 zone, surpassing the 1.0780 resistance.
Currently, the pair is consolidating above this level. However, since the DXY is sitting on strong support with a high chance of reversal, this breakout could turn out to be a false one.
If the price drops back below the 1.0780 zone, it would confirm a false breakout, potentially leading to a decline toward the 1.06 support level.
In conclusion, I’m waiting for confirmation to enter short positions.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
The pair then broke above this level, surging higher and reaching the 1.08 zone, surpassing the 1.0780 resistance.
Currently, the pair is consolidating above this level. However, since the DXY is sitting on strong support with a high chance of reversal, this breakout could turn out to be a false one.
If the price drops back below the 1.0780 zone, it would confirm a false breakout, potentially leading to a decline toward the 1.06 support level.
In conclusion, I’m waiting for confirmation to enter short positions.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.