Dear traders!
EURUSD is currently testing a critical support zone at 1.0892 - 1.0905, where EMA 34, EMA 89, and Fibonacci 0.618 - 0.5 converge. This is a decisive area, closely watched by traders to see if buyers can capitalize on this momentum to push the price higher.
Why is this zone important?
Looking at past price action, every time EUR/USD touched EMA 34 and EMA 89, the market reacted strongly, leading to notable rebounds. This highlights not only the dynamic support role of these EMAs but also confirms that this is a key zone where buyers often regain control with strong bullish momentum.
If history repeats, what scenarios could unfold?
If the price holds this support, we could see a strong rebound toward key levels like 1.0947 (Fibonacci 1.0) and potentially higher to 1.1015 (Fibonacci 1.618).
However, if the price breaks below this zone, sellers may take control, pushing EUR/USD lower, with the next major support around 1.0835.
Will EUR/USD continue its uptrend, or will support be broken? Let's wait and see how the market unfolds!
EURUSD is currently testing a critical support zone at 1.0892 - 1.0905, where EMA 34, EMA 89, and Fibonacci 0.618 - 0.5 converge. This is a decisive area, closely watched by traders to see if buyers can capitalize on this momentum to push the price higher.Why is this zone important?
Looking at past price action, every time EUR/USD touched EMA 34 and EMA 89, the market reacted strongly, leading to notable rebounds. This highlights not only the dynamic support role of these EMAs but also confirms that this is a key zone where buyers often regain control with strong bullish momentum.
If history repeats, what scenarios could unfold?
If the price holds this support, we could see a strong rebound toward key levels like 1.0947 (Fibonacci 1.0) and potentially higher to 1.1015 (Fibonacci 1.618).
However, if the price breaks below this zone, sellers may take control, pushing EUR/USD lower, with the next major support around 1.0835.
Will EUR/USD continue its uptrend, or will support be broken? Let's wait and see how the market unfolds!
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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.