EUR/USD) one side of breakout and move Read The ChaptianSMC Trading point update
technical analysis of the EUR/USD currency pair on the 1-hour timeframe, showing two ptential scenarios based on price behavior around a key supply zone.
1. Key Levels:
Resistance/Target Point (Upper): ~1.15729
Supply Zone (Current Price Area): ~1.14100–1.14500
Support Level/Target Point (Lower): ~1.12658
200 EMA: ~1.13581 acting as dynamic support
2. Current Price:
EURUSD is trading at 1.14167, just above the 200 EMA and at the bottom edge of the supply zone.
3. Scenarios Outlined:
Bullish Scenario:
If price breaks and holds above the supply zone, it may continue toward the upper resistance level at 1.15729.
This move would be supported by bullish momentum and potentially a breakout strategy.
Bearish Scenario:
If price rejects the supply zone and fails to break above convincingly, a reversal is expected.
The target for this bearish move is the support zone near 1.12658.
4. Indicators:
RSI (Relative Strength Index): Around 49, neutral zone but potentially recovering from oversold.
Suggests indecision, with momentum that could swing either way depending on price action at the supply zone.
Mr SMC Trading point
Trade Ideas:
Long Trade Setup (Breakout):
Entry: Break and retest above ~1.14500.
Target: ~1.15729.
Stop Loss: Below ~1.14100.
Short Trade Setup (Rejection):
Entry: Rejection candle formation around 1.14300–1.14500.
Target: ~1.12658.
Stop Loss: Above ~1.14700.
Overall Idea:
This is a dual-scenario setup, where the market structure at the current supply zone will determine direction. The chart encourages traders to wait for confirmation before committing to either a breakout or a reversal strategy.
Pales support boost 🚀 analysis follow)
