EURUSD has been trading within a wide consolidation zone between 1.10750 and 1.13650. After a strong rejection from the top of the range near 1.13650, the pair has failed to hold above the mid-levels and is now showing signs of bearish continuation.
The recent move back into the range and rejection near the resistance area around 1.12650 could be the start of a downward move. If this structure holds, we could see price revisit the lower boundary of the range with a potential target near 1.10750.
Key Levels:
Resistance zone: 1.13650
Entry zone: Around 1.12650 (confirmed rejection)
Target: 1.10750
Bias: Bearish below resistance and inside the range
Price action within the range has respected key support and resistance levels. Until a breakout occurs, this range-bound trading approach with a bearish bias toward the bottom of the structure looks valid.
The recent move back into the range and rejection near the resistance area around 1.12650 could be the start of a downward move. If this structure holds, we could see price revisit the lower boundary of the range with a potential target near 1.10750.
Key Levels:
Resistance zone: 1.13650
Entry zone: Around 1.12650 (confirmed rejection)
Target: 1.10750
Bias: Bearish below resistance and inside the range
Price action within the range has respected key support and resistance levels. Until a breakout occurs, this range-bound trading approach with a bearish bias toward the bottom of the structure looks valid.
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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.