This chart is a technical analysis of the EUR/USD (Euro/US Dollar) currency pair on a 1-hour timeframe from TradingView. It includes several key elements:
Key Observations:
Resistance Level (Blue Box):
The chart highlights a resistance zone where price previously reversed (marked in blue).
The price has reached this level again, suggesting a potential rejection and downward move.
Price Action & Patterns:
The price has tested the resistance zone before and dropped.
A similar pattern is forming again, implying a possible reversal downward.
Support Level (Black Line - 1.08739):
Marked as a strong support zone, meaning price may fall to this level if the resistance holds.
Fibonacci Circles & Confluences:
Several concentric Fibonacci circles indicate possible levels of price reaction.
The price movements align with these levels, suggesting they are being used for projection.
Trendlines & Forecast:
An upward trendline was broken earlier, signaling potential weakness in buying momentum.
The blue arrow suggests a possible pullback followed by a drop to the support level (1.08739).
Conclusion:
This chart suggests that EUR/USD may face rejection at resistance and move down towards support (1.08739). However, if the resistance breaks, the price could continue higher.
Would you like any specific analysis, such as trade ideas or risk management strategies?
Key Observations:
Resistance Level (Blue Box):
The chart highlights a resistance zone where price previously reversed (marked in blue).
The price has reached this level again, suggesting a potential rejection and downward move.
Price Action & Patterns:
The price has tested the resistance zone before and dropped.
A similar pattern is forming again, implying a possible reversal downward.
Support Level (Black Line - 1.08739):
Marked as a strong support zone, meaning price may fall to this level if the resistance holds.
Fibonacci Circles & Confluences:
Several concentric Fibonacci circles indicate possible levels of price reaction.
The price movements align with these levels, suggesting they are being used for projection.
Trendlines & Forecast:
An upward trendline was broken earlier, signaling potential weakness in buying momentum.
The blue arrow suggests a possible pullback followed by a drop to the support level (1.08739).
Conclusion:
This chart suggests that EUR/USD may face rejection at resistance and move down towards support (1.08739). However, if the resistance breaks, the price could continue higher.
Would you like any specific analysis, such as trade ideas or risk management strategies?
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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.
World Best Signals Channel here 🤝
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.