EURUSD broke the bottom and rebounded, but failed to break through the psychological resistance of 1.0. Therefore, even if it rebounds, the 4-hour supply zone and daily supply zone are waiting above, and the bottom can be renewed again because the current 4-hour downtrend continues.
Even if it rebounds, the daily downtrend may continue as the 1.0 area is the daily supply zone.
To convert to an uptrend, after a strong breakout of the daily supply zone around 1.0, even if a retracement comes, support should be found in the daily supply zone above the blue support line at the bottom of the chart. If so, the low will be the starting line of the weekly correction trend for a new uptrend, giving a chance for a short-term trend reversal.
Even if it rebounds, the daily downtrend may continue as the 1.0 area is the daily supply zone.
To convert to an uptrend, after a strong breakout of the daily supply zone around 1.0, even if a retracement comes, support should be found in the daily supply zone above the blue support line at the bottom of the chart. If so, the low will be the starting line of the weekly correction trend for a new uptrend, giving a chance for a short-term trend reversal.
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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.