EUR/USD: Sideways Accumulation – Awaiting a Breakout?
EUR/USD is testing the key resistance zone around 1.04788, where it converges with a long-term descending trendline. If the price gets rejected here, it may pull back to the 1.03961 support area for accumulation before attempting another rebound.
The market structure remains uncertain for a breakout, but if the price holds above support, EUR/USD could form a recovery pattern, aiming for higher levels.
Trading Strategy:
Sell if price gets rejected at 1.04788, target 1.03961, stop-loss above 1.05000.
Buy around 1.03961 if strong bullish reaction occurs, target 1.04788, stop-loss below 1.03750.
Wait for confirmation of a breakout above 1.04788 to enter a long position.
Beyond technical factors, the EU summit on military and financial aid for Ukraine could significantly impact EUR. If strong financial support is confirmed, EUR may strengthen, supporting EUR/USD recovery. Conversely, political uncertainty could weaken the euro further.
The market structure remains uncertain for a breakout, but if the price holds above support, EUR/USD could form a recovery pattern, aiming for higher levels.
Trading Strategy:
Sell if price gets rejected at 1.04788, target 1.03961, stop-loss above 1.05000.
Buy around 1.03961 if strong bullish reaction occurs, target 1.04788, stop-loss below 1.03750.
Wait for confirmation of a breakout above 1.04788 to enter a long position.
Beyond technical factors, the EU summit on military and financial aid for Ukraine could significantly impact EUR. If strong financial support is confirmed, EUR may strengthen, supporting EUR/USD recovery. Conversely, political uncertainty could weaken the euro further.
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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.