Forecast for EUR/USD (Euro to US Dollar):
1. Bearish Rejection at Resistance: The price is currently near a strong resistance level (~1.0910). If it fails to break above this level, a rejection could trigger a downside move.
2. Short-term Consolidation: The chart suggests possible price consolidation before a drop, as indicated by the small fluctuations near resistance.
3. Key Support Target: If the price starts declining, it may head toward the highlighted support area around 1.0800, which aligns with a previous resistance-turned-support zone.
4. Fundamental Factors: Upcoming economic events (marked by flags) might add volatility, reinforcing the need to monitor price action.
Conclusion:
The setup favors a bearish correction unless EUR/USD successfully breaks and holds above the resistance. Traders should watch for confirmation signals before making any trading decisions.
1. Bearish Rejection at Resistance: The price is currently near a strong resistance level (~1.0910). If it fails to break above this level, a rejection could trigger a downside move.
2. Short-term Consolidation: The chart suggests possible price consolidation before a drop, as indicated by the small fluctuations near resistance.
3. Key Support Target: If the price starts declining, it may head toward the highlighted support area around 1.0800, which aligns with a previous resistance-turned-support zone.
4. Fundamental Factors: Upcoming economic events (marked by flags) might add volatility, reinforcing the need to monitor price action.
Conclusion:
The setup favors a bearish correction unless EUR/USD successfully breaks and holds above the resistance. Traders should watch for confirmation signals before making any trading decisions.
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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.