Messy Price Action 🤕🤧
On the 1-hour timeframe, EUR/USD has formed a supply zone around the 1.11600 price area, and the price is currently pulling back to that level. Meanwhile, the DXY (US Dollar Index) is tapping into a demand level on the daily timeframe.
I’ve also noticed the price slowing down at a minor resistance level, but I’ll wait for a pullback to the supply zone for a more effective entry. Minor support and resistance levels are generally less reliable.
Note: There are two types of Support and Resistance Levels
1. Major Support and Resistance Levels:
These levels have the strength to stop and reverse a trending market altogether.
They are key turning points in the market.
2. Minor Support and Resistance Levels:
These levels only temporarily delay rising or falling prices within a larger trend.
They provide short-term pauses but are generally less impactful..
On the 1-hour timeframe, EUR/USD has formed a supply zone around the 1.11600 price area, and the price is currently pulling back to that level. Meanwhile, the DXY (US Dollar Index) is tapping into a demand level on the daily timeframe.
I’ve also noticed the price slowing down at a minor resistance level, but I’ll wait for a pullback to the supply zone for a more effective entry. Minor support and resistance levels are generally less reliable.
Note: There are two types of Support and Resistance Levels
1. Major Support and Resistance Levels:
These levels have the strength to stop and reverse a trending market altogether.
They are key turning points in the market.
2. Minor Support and Resistance Levels:
These levels only temporarily delay rising or falling prices within a larger trend.
They provide short-term pauses but are generally less impactful..
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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.