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Trend Overview: The EUR/USD currency pair remains in a bullish trend, supported by a prevailing uptrend. The recent intraday price action suggests a sideways consolidation (coiling price action) possibly triggering a corrective pullback towards a newly formed support zone, previously a resistance level.
Key Levels to Watch:
Support Levels:
1.1240 – Previous resistance turned support, key level for potential bounce.
1.1144 – Secondary support level if 1.1240 fails.
1.1000 and 1.0890 – Stronger support in case of extended retracement.
Resistance Levels:
1.1475 – Initial resistance level on the upside.
1.1595 – Next target if bullish momentum continues.
1.1700 and 1.1830 – Long-term resistance and key breakout point.
Market Sentiment & Price Action: The recent corrective pullback aligns with normal market fluctuations within an uptrend. A bullish bounce from the 1.1240 support level could trigger an upside move, targeting the 1.1475 resistance level and potentially extending towards 1.1595 and 1.1700 – 1.1830 over a longer timeframe.
Alternatively, a confirmed loss of the 1.1240 support, accompanied by a daily close below this level, would weaken the bullish outlook. This could lead to further downside pressure, potentially testing the 1.1144 level, with an extended decline towards 1.1000 and 1.0890 if selling pressure intensifies.
Conclusion: The EUR/USD pair remains in a bullish structure as long as the 1.1240 support holds. A successful bounce from this level would reinforce the uptrend, targeting higher resistance zones. However, a decisive break below 1.1240 and a daily close under this level could shift sentiment bearish, leading to further downside retracement.
Trend Overview: The EUR/USD currency pair remains in a bullish trend, supported by a prevailing uptrend. The recent intraday price action suggests a sideways consolidation (coiling price action) possibly triggering a corrective pullback towards a newly formed support zone, previously a resistance level.
Key Levels to Watch:
Support Levels:
1.1240 – Previous resistance turned support, key level for potential bounce.
1.1144 – Secondary support level if 1.1240 fails.
1.1000 and 1.0890 – Stronger support in case of extended retracement.
Resistance Levels:
1.1475 – Initial resistance level on the upside.
1.1595 – Next target if bullish momentum continues.
1.1700 and 1.1830 – Long-term resistance and key breakout point.
Market Sentiment & Price Action: The recent corrective pullback aligns with normal market fluctuations within an uptrend. A bullish bounce from the 1.1240 support level could trigger an upside move, targeting the 1.1475 resistance level and potentially extending towards 1.1595 and 1.1700 – 1.1830 over a longer timeframe.
Alternatively, a confirmed loss of the 1.1240 support, accompanied by a daily close below this level, would weaken the bullish outlook. This could lead to further downside pressure, potentially testing the 1.1144 level, with an extended decline towards 1.1000 and 1.0890 if selling pressure intensifies.
Conclusion: The EUR/USD pair remains in a bullish structure as long as the 1.1240 support holds. A successful bounce from this level would reinforce the uptrend, targeting higher resistance zones. However, a decisive break below 1.1240 and a daily close under this level could shift sentiment bearish, leading to further downside retracement.
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Free Trading Signals Channel：
t.me/+coQN0kV7GOA1OGI8
100% free：
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t.me/+coQN0kV7GOA1OGI8
100% free：
t.me/+coQN0kV7GOA1OGI8
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.