EURUSD H1 09/12/2024 - SELL below 1.0550 OR BUY above 1.05850
Multi-Timeframe Analysis
D1 (Daily Timeframe)
Trend:
Price is consolidating below the Ichimoku Cloud and the 200 SMA, indicating medium-term bearish pressure but with bullish momentum building.
Indicators:
RSI (14): 45.3, neutral.
Stochastic (14,3,3): Overbought (near 82), signaling caution for immediate longs.
MACD (12,26,9): Bearish histogram narrowing, indicating reduced selling pressure.
Key Levels:
Resistance: 1.0580–1.0600.
Support: 1.0525, 1.0490 (recent swing lows).
H4 (4-Hour Timeframe)
Trend:
Mild bullish recovery as price moves above the Ichimoku Cloud, but capped by the 200 SMA at 1.0580.
Indicators:
RSI (14): 53.6, neutral-bullish.
Stochastic (14,3,3): Bearish crossover, signaling short-term weakness.
MACD (12,26,9): Weak positive histogram; momentum is waning.
Key Levels:
Resistance: 1.0580–1.0600 (top boundary).
Support: 1.0550, 1.0525.
H1 (Hourly Timeframe)
Trend:
Price has consolidated after a bullish breakout but faces resistance at 1.0580.
Indicators:
RSI (14): 51.3, neutral.
Stochastic (14,3,3): Overbought, signaling potential for a pullback.
MACD (12,26,9): Negative histogram after bearish crossover, suggesting weakening momentum.
ATR (14): 13 pips, indicating moderate volatility.
Key Levels:
Resistance: 1.0580–1.0600.
Support: 1.0550, 1.0525.
M30 (30-Minute Timeframe)
Trend: Similar to H1, consolidation within a narrow range below 1.0580.
Indicators: RSI and Stochastic are in overbought territory; MACD is flat to bearish.
Volatility: ATR confirms that volatility has subsided after recent upward movement.
Trade Scenarios:
Scenario A: Bullish Breakout (BUY Setup)
Rationale: If the price breaks above 1.0580, it could target the next resistance level at 1.0600 and higher, supported by bullish momentum.
Setup Details:
Entry Price: Above 1.0585 (breakout confirmation).
Stop-Loss: 1.0560 (below recent support).
Take-Profit Levels:
TP1: 1.0600.
TP2: 1.0620 (Daily resistance level).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Reversal (SELL Setup)
Rationale: If the price breaks below 1.0550, it could target the support levels at 1.0525 and lower.
Setup Details:
Entry Price: Below 1.0550 (breakdown confirmation).
Stop-Loss: 1.0575 (above recent highs).
Take-Profit Levels:
TP1: 1.0530.
TP2: 1.0520.
Risk/Reward Ratio: ~1:2.
D1 (Daily Timeframe)
Trend:
Price is consolidating below the Ichimoku Cloud and the 200 SMA, indicating medium-term bearish pressure but with bullish momentum building.
Indicators:
RSI (14): 45.3, neutral.
Stochastic (14,3,3): Overbought (near 82), signaling caution for immediate longs.
MACD (12,26,9): Bearish histogram narrowing, indicating reduced selling pressure.
Key Levels:
Resistance: 1.0580–1.0600.
Support: 1.0525, 1.0490 (recent swing lows).
H4 (4-Hour Timeframe)
Trend:
Mild bullish recovery as price moves above the Ichimoku Cloud, but capped by the 200 SMA at 1.0580.
Indicators:
RSI (14): 53.6, neutral-bullish.
Stochastic (14,3,3): Bearish crossover, signaling short-term weakness.
MACD (12,26,9): Weak positive histogram; momentum is waning.
Key Levels:
Resistance: 1.0580–1.0600 (top boundary).
Support: 1.0550, 1.0525.
H1 (Hourly Timeframe)
Trend:
Price has consolidated after a bullish breakout but faces resistance at 1.0580.
Indicators:
RSI (14): 51.3, neutral.
Stochastic (14,3,3): Overbought, signaling potential for a pullback.
MACD (12,26,9): Negative histogram after bearish crossover, suggesting weakening momentum.
ATR (14): 13 pips, indicating moderate volatility.
Key Levels:
Resistance: 1.0580–1.0600.
Support: 1.0550, 1.0525.
M30 (30-Minute Timeframe)
Trend: Similar to H1, consolidation within a narrow range below 1.0580.
Indicators: RSI and Stochastic are in overbought territory; MACD is flat to bearish.
Volatility: ATR confirms that volatility has subsided after recent upward movement.
Trade Scenarios:
Scenario A: Bullish Breakout (BUY Setup)
Rationale: If the price breaks above 1.0580, it could target the next resistance level at 1.0600 and higher, supported by bullish momentum.
Setup Details:
Entry Price: Above 1.0585 (breakout confirmation).
Stop-Loss: 1.0560 (below recent support).
Take-Profit Levels:
TP1: 1.0600.
TP2: 1.0620 (Daily resistance level).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Reversal (SELL Setup)
Rationale: If the price breaks below 1.0550, it could target the support levels at 1.0525 and lower.
Setup Details:
Entry Price: Below 1.0550 (breakdown confirmation).
Stop-Loss: 1.0575 (above recent highs).
Take-Profit Levels:
TP1: 1.0530.
TP2: 1.0520.
Risk/Reward Ratio: ~1:2.
Note
BUY triggered @ 2:30PM BST
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.
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.