Is a Trend Reversal Coming?
Updated
EURUSD Multi-Timeframe Analysis
Current Price: 1.07962
Potential for a Bullish Reversal:
EUR/USD is showing strong signs of a possible bullish reversal across multiple timeframes, marked by key technical indicators:
• Breakout of Descending Channel Upper Trendline
• Weekly Major Support Zone
• Potential Double Bottom Formation
• Emerging Bullish Divergence
Descending Channel Breakout:
The price has broken above the descending channel’s upper trendline (highlighted in the red circle on the chart), turning this line into a weaker resistance zone.
Weekly Major Support Zone:
We anticipate that price may retest the major weekly support level at 1.07421. This zone could serve as a solid foundation for a double bottom formation, combined with a bullish divergence. If this occurs, it could present an optimal entry point for buyers.
Top of Trading Range:
Should price rally, the next significant resistance lies at the top of the trading range, around 1.08635. Given the strength of this resistance, we might see a pullback at this level before further movement upward.
Price Target:
Based on technical indicators and chart patterns, the final target stands around the psychological level of 1.10000.
Key Levels to Watch:
• Support: 1.07421
• Resistance: 1.08635
• Target: 1.10000
Stay tuned and happy trading!
Trade active
Resistance: 1.08635 ReachedNote
We can observe a gap in the price, suggesting a potential pullback to fill it. Secure your profits!Trade closed: target reached
Support: 1.07421 Reached
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