The EUR/USD pair is currently trading around 1.13619 on the 2-hour chart. After a period of consolidation, the price appears to be weakening below a key horizontal support zone.
If the current level fails to hold, we could see a strong bearish move targeting the next supports at 1.11955, 1.10380, and ultimately 1.09022. The sharp downward arrow and highlighted economic events suggest that upcoming European and U.S. data could accelerate this move.
The risk-to-reward ratio looks favorable, with a stop-loss placement above 1.13674, and multiple take-profit levels identified along the way.
Key Support Levels:
1.11955
1.10380
1.09022
Key Resistance Levels:
1.13674
1.15294
Idea:
As long as the price remains below 1.13674, bearish setups are favored. A break below the blue horizontal support line could trigger strong selling momentum, providing good opportunities for short trades.
If the current level fails to hold, we could see a strong bearish move targeting the next supports at 1.11955, 1.10380, and ultimately 1.09022. The sharp downward arrow and highlighted economic events suggest that upcoming European and U.S. data could accelerate this move.
The risk-to-reward ratio looks favorable, with a stop-loss placement above 1.13674, and multiple take-profit levels identified along the way.
Key Support Levels:
1.11955
1.10380
1.09022
Key Resistance Levels:
1.13674
1.15294
Idea:
As long as the price remains below 1.13674, bearish setups are favored. A break below the blue horizontal support line could trigger strong selling momentum, providing good opportunities for short trades.
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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.
Stay informed — join our official Telegram channel for news and updates. t.me/Liam_JonesCryptoFXTrader
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.