EUR/USD Update: Battle at Weekly Resistance 1.0945 - Potential B
Updated
Hey traders!
I'm excited to provide you with the latest update on the EUR/USD pair. The battle at the major weekly resistance level of 1.0945 continues to unfold, and it's brimming with possibilities.
After a strong hold below the resistance last Friday, the pair is showing resilience and determination. The current price at 12:30 PM London time is 1.0918, just below the critical level. This consolidation below resistance has piqued our interest and set the stage for a potential breakout.
What makes this situation even more captivating is the possibility of a short squeeze. If short funds start covering their positions, it could trigger a cascade of buying pressure, resulting in a powerful breakout. A successful breach above 1.0945 could unleash a renewed wave of bullish momentum, potentially paving the way for long-term gains towards 1.20.
Now, let's focus on the current 4-hour candle, which will complete in approximately 1 hour and 30 minutes. It's worth keeping a close eye on this candle as it displays promising signs of building a bullish reversal. The formation of a bullish reversal hammer on the 4-hour chart could signal a potential shift in market sentiment and a bullish breakout.
However, it's essential to exercise caution and wait for confirmation before making any trading decisions. Let the candle complete and observe the price action for a sustained bullish momentum or signs of a bearish reversal.
Stay vigilant and adapt your trading strategies accordingly. Manage risks effectively and base your decisions on thorough analysis and personal risk tolerance.
Exciting times lie ahead as we witness the ongoing battle at 1.0945. Keep a watchful eye on the short squeeze potential and the 4-hour candle reversal.
Happy trading, and may the market be in your favor!
I'm excited to provide you with the latest update on the EUR/USD pair. The battle at the major weekly resistance level of 1.0945 continues to unfold, and it's brimming with possibilities.
After a strong hold below the resistance last Friday, the pair is showing resilience and determination. The current price at 12:30 PM London time is 1.0918, just below the critical level. This consolidation below resistance has piqued our interest and set the stage for a potential breakout.
What makes this situation even more captivating is the possibility of a short squeeze. If short funds start covering their positions, it could trigger a cascade of buying pressure, resulting in a powerful breakout. A successful breach above 1.0945 could unleash a renewed wave of bullish momentum, potentially paving the way for long-term gains towards 1.20.
Now, let's focus on the current 4-hour candle, which will complete in approximately 1 hour and 30 minutes. It's worth keeping a close eye on this candle as it displays promising signs of building a bullish reversal. The formation of a bullish reversal hammer on the 4-hour chart could signal a potential shift in market sentiment and a bullish breakout.
However, it's essential to exercise caution and wait for confirmation before making any trading decisions. Let the candle complete and observe the price action for a sustained bullish momentum or signs of a bearish reversal.
Stay vigilant and adapt your trading strategies accordingly. Manage risks effectively and base your decisions on thorough analysis and personal risk tolerance.
Exciting times lie ahead as we witness the ongoing battle at 1.0945. Keep a watchful eye on the short squeeze potential and the 4-hour candle reversal.
Happy trading, and may the market be in your favor!
Note
Update on the EUR/USD: as we witness some intriguing developments. The price action has caught my attention, and here are the key highlights.Firstly, we've been observing a consolidation phase below the major weekly resistance level around 1.0945-1.0950. This consolidation resembles a battleground where bulls and bears are locked in a fierce struggle. Interestingly, the buyers have exhibited impressive resilience, refusing to yield. This initial show of strength hints at a potential long opportunity.
Secondly, despite an expected pullback following last week's 100 pips jump, it appears that short traders are starting to feel the pressure. The prospect of them surrendering and covering their positions looms on the horizon. Should this occur, it could ignite a powerful bullish surge in the market.
Lastly, I want to draw attention to a fascinating pattern emerging on the 4-hour chart - the bullish flag pattern. This pattern typically signifies a continuation of the previous upward move, following a consolidation period. It serves as a potential precursor to an imminent breakout.
Overall, these factors present an interesting scenario for traders. As we patiently monitor the situation, I will personally be watching for a breakout from the bullish flag pattern, as it could provide the final confirmation needed to consider a rewarding long-term position.
Remember, trading requires patience and discipline. It is crucial to wait for the right signals and base decisions on careful analysis and risk management.
Stay tuned for further updates on this market as we navigate its dynamic nature.
Happy trading, and may the markets be in your favor!
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