This chart shows the EUR/USD currency pair on the 1-hour timeframe. Here's a quick breakdown of the technical analysis:
Highlighted Uptrend (Red Channel): A strong bullish move occurred around April 3rd, pushing the price up to around 1.0986.
Downtrend Line (Black Arrow): Since peaking, the pair has been making lower highs and lower lows, indicating a downtrend.
Support and Resistance Levels: Several horizontal orange lines mark key support/resistance levels.
Current price is around 1.0906, just below the 1.09109 resistance.
Key support below is around 1.08378 and 1.07746.
Blue Zig-Zag and Arrow Projection: Suggests a bearish scenario with potential consolidation before further downside, likely targeting the next support levels.
This analysis implies a bearish outlook unless the price breaks back above the black trendline and holds above 1.09109.
Do you want a trading strategy based on this setup or help interpreting potential trade entries/exits?
Highlighted Uptrend (Red Channel): A strong bullish move occurred around April 3rd, pushing the price up to around 1.0986.
Downtrend Line (Black Arrow): Since peaking, the pair has been making lower highs and lower lows, indicating a downtrend.
Support and Resistance Levels: Several horizontal orange lines mark key support/resistance levels.
Current price is around 1.0906, just below the 1.09109 resistance.
Key support below is around 1.08378 and 1.07746.
Blue Zig-Zag and Arrow Projection: Suggests a bearish scenario with potential consolidation before further downside, likely targeting the next support levels.
This analysis implies a bearish outlook unless the price breaks back above the black trendline and holds above 1.09109.
Do you want a trading strategy based on this setup or help interpreting potential trade entries/exits?
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.
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.