Last week, EUR/USD saw an explosive rise, breaking above my 1.06 target and even surpassing the next resistance at 1.08.
However, signs of fatigue are emerging, and there appears to be significant selling liquidity around the 1.09 level.
With the DXY currently in a support zone and potentially set for an upward reversal, I expect EUR/USD to decline and correct its 500-pip rally.
A break back below 1.08 would confirm this scenario, potentially leading to a test of the 1.06 zone.
Selling rallies near 1.09 could offer a favorable risk-reward opportunity.
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.
However, signs of fatigue are emerging, and there appears to be significant selling liquidity around the 1.09 level.
With the DXY currently in a support zone and potentially set for an upward reversal, I expect EUR/USD to decline and correct its 500-pip rally.
A break back below 1.08 would confirm this scenario, potentially leading to a test of the 1.06 zone.
Selling rallies near 1.09 could offer a favorable risk-reward opportunity.
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
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.
📈 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.