Euro / U.S. DollarShort
EURUSD H1 28/11/2024 - SELL below 1.0510 OR BUY above 1.0560
Key Levels from M30 and H1
Support Levels:
1.0520–1.0510 Zone: Currently holding as local support (aligned with Fibonacci 100% and Ichimoku baseline on H1).
1.0500: Psychological support level, aligns with the Fibonacci 161.8% extension.
Resistance Levels:
1.0553–1.0560 Zone: A consolidation resistance zone marked by Fibonacci 38.2% and near-term highs.
1.0580: Fibonacci 61.8% retracement level, strong resistance on the D1 chart.
Trendlines:
H1 chart shows a downward-sloping trendline from recent highs, indicating potential bearish pressure unless broken.
Momentum Indicators:
RSI (H1): Around 52, neutral but tilting bearish.
Stochastic (H1): Bullish crossover from oversold on M30, but H1 is still near neutral (around 34).
MACD (H1): Showing mild bearish divergence but flattening.
Volatility (ATR):
ATR (H1): 11 pips, suggesting moderate price movement potential.
Scenario A: Bearish Breakdown Trade
Rationale: If the price breaks below the 1.0520–1.0510 support zone, it could test lower levels like 1.0500 or 1.0450.
Setup Details:
Entry Price: 1.0510 (below Ichimoku support and 100% Fibonacci level).
Stop-Loss: 1.0535 (above the downward-sloping trendline and consolidation resistance).
Take-Profit Levels:
TP1: 1.0500 (psychological level).
TP2: 1.0475 (previous lows, close to Fibonacci 261.8%).
Risk/Reward Ratio: ~1:2.
Scenario B: Bullish Reversal Trade
Rationale: If the price breaks above the 1.0553–1.0560 resistance zone, it could retest higher levels like 1.0580 or higher.
Setup Details:
Entry Price: 1.0560 (above consolidation and Fibonacci 38.2%).
Stop-Loss: 1.0530 (below the breakout zone).
Take-Profit Levels:
TP1: 1.0580 (Fibonacci 61.8%).
TP2: 1.0596 (next significant high).
Risk/Reward Ratio: ~1:2.
Support Levels:
1.0520–1.0510 Zone: Currently holding as local support (aligned with Fibonacci 100% and Ichimoku baseline on H1).
1.0500: Psychological support level, aligns with the Fibonacci 161.8% extension.
Resistance Levels:
1.0553–1.0560 Zone: A consolidation resistance zone marked by Fibonacci 38.2% and near-term highs.
1.0580: Fibonacci 61.8% retracement level, strong resistance on the D1 chart.
Trendlines:
H1 chart shows a downward-sloping trendline from recent highs, indicating potential bearish pressure unless broken.
Momentum Indicators:
RSI (H1): Around 52, neutral but tilting bearish.
Stochastic (H1): Bullish crossover from oversold on M30, but H1 is still near neutral (around 34).
MACD (H1): Showing mild bearish divergence but flattening.
Volatility (ATR):
ATR (H1): 11 pips, suggesting moderate price movement potential.
Scenario A: Bearish Breakdown Trade
Rationale: If the price breaks below the 1.0520–1.0510 support zone, it could test lower levels like 1.0500 or 1.0450.
Setup Details:
Entry Price: 1.0510 (below Ichimoku support and 100% Fibonacci level).
Stop-Loss: 1.0535 (above the downward-sloping trendline and consolidation resistance).
Take-Profit Levels:
TP1: 1.0500 (psychological level).
TP2: 1.0475 (previous lows, close to Fibonacci 261.8%).
Risk/Reward Ratio: ~1:2.
Scenario B: Bullish Reversal Trade
Rationale: If the price breaks above the 1.0553–1.0560 resistance zone, it could retest higher levels like 1.0580 or higher.
Setup Details:
Entry Price: 1.0560 (above consolidation and Fibonacci 38.2%).
Stop-Loss: 1.0530 (below the breakout zone).
Take-Profit Levels:
TP1: 1.0580 (Fibonacci 61.8%).
TP2: 1.0596 (next significant high).
Risk/Reward Ratio: ~1:2.
Note
TP1 - Was hit this morning - 1.0580
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.