EURUSD is testing resistance in the downtrend phase. The maneuver ends with a false breakout of resistance at 1.0607On the daily timeframe the price is squeezed between the strong resistance at 1.06011 and the local support at 1.05. So, if the bears keep the defense below the key resistance, the currency pair will continue to fall in the short term. The target in this case may be the area of 1.05 - 1.044.
But, technically, the retest of 1.0607 may provoke a local breakout of the level and the price movement to the channel resistance against which there will also be a high probability of formation of a false breakout.
Resistance levels: 1.0607, 1.965, 1.076
Support levels: 1.0448, 1.0331
Emphasis on resistance. Confirmation of the nearest resistance in the form of price consolidation below the level, if retested, could be a good entry zone. But if resistance is broken, the focus will shift to 1.065 - 1.067
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The retest of the resistance at 1.0607 and the rebound confirms the fact that bears continue to put pressure on the market.
A rebound from this level is an entry
Trade closed: target reached
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🌹TRADING is a CASINO💔!?
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You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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🧿 Web: rlinda.com
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
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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.