Hello Traders,
I trust you're doing well. It’s been a while!
Since March 18th, the EUR has been in a corrective pullback, and I anticipate further downside movement to complete Wave 4 of the correction. However, this afternoon, we witnessed an unexpected surge in the EUR pairs, driven by the EU’s emergency plan to shield its economy from U.S. tariffs. Despite this rally, I believe it may be short-lived.
EURJPY has reached a significant resistance zone where sellers could potentially push prices lower. Another key resistance level within this zone, where I believe sellers', activities are great, is last week’s high at 163.353. A confirmed break below 162.723 would strengthen the bearish outlook, with potential downside targets at 161.914, 161.114, 160.750, and 160.350, respectively. However, a breakout above 163.444 would invalidate this bearish.
Cheers and happy trading.
I trust you're doing well. It’s been a while!
Since March 18th, the EUR has been in a corrective pullback, and I anticipate further downside movement to complete Wave 4 of the correction. However, this afternoon, we witnessed an unexpected surge in the EUR pairs, driven by the EU’s emergency plan to shield its economy from U.S. tariffs. Despite this rally, I believe it may be short-lived.
EURJPY has reached a significant resistance zone where sellers could potentially push prices lower. Another key resistance level within this zone, where I believe sellers', activities are great, is last week’s high at 163.353. A confirmed break below 162.723 would strengthen the bearish outlook, with potential downside targets at 161.914, 161.114, 160.750, and 160.350, respectively. However, a breakout above 163.444 would invalidate this bearish.
Cheers and happy trading.
Trade active
As expected, the rally was short-lived, serving primarily to trap long holders. Shortly after, the pair declined, with only a few traders avoiding the trap. Since there was no clear break and close above the zone, this outlook remains largely accurate.Trade closed: target reached
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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.