Euro / U.S. DollarShort
EURUSD: Waiting For Breakout
The EUR/USD seems overbought after a strong bullish trend, having stalled after reaching a key daily resistance level.
On the 4-hour chart, there's a triple top pattern forming alongside a rising trend, with the market breaking below the support trend line.
For sellers, the critical level to watch is the neckline of the triple top at 1.1143 - 1.1123. A break and close below this area would indicate a significant bearish signal.
A retracement could occur from this structure, potentially targeting 1.1050
However, if the price manages to establish a new higher high, we will look for long positions.
On the 4-hour chart, there's a triple top pattern forming alongside a rising trend, with the market breaking below the support trend line.
For sellers, the critical level to watch is the neckline of the triple top at 1.1143 - 1.1123. A break and close below this area would indicate a significant bearish signal.
A retracement could occur from this structure, potentially targeting 1.1050
However, if the price manages to establish a new higher high, we will look for long positions.
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