Hello traders, I want share with you my opinion about Euro. Earlier, the price was moving inside a range, bouncing between the boundaries and forming a buyer zone near the lower support area. After several rebounds, EUR started to grow and eventually broke out from the range, making a strong upward impulse. The growth continued with a breakout through the support level, which later turned into a support area. From there, the price continued its bullish trend, but after touching the resistance line, it turned around and entered a correction phase. Over the last few sessions, Euro has been forming a pennant pattern, trading between the resistance line and the support line. Now the price is consolidating near the apex of the pennant, showing weak momentum. I expect a false breakout to the upside, followed by a sharp decline from the resistance line. In this scenario, the price would likely break through the current support area and move toward the 1.0650 points - this is my TP1. Given the recent price structure, the correction phase, and the weakening bullish pressure, I remain bearish and anticipate further decline. Please share this idea with your friends and click Boost 🚀
Trade active
Price tried to break support level, but failed. Now it trades close to this level and I expect that it break it and continue to fall next.Trade closed: target reached
Great! Price broke support level and now I expect that it can continue to decline next.
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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.