EURUSD H1 29/11/2024 - SELL below 1.0540 OR BUY above 1.0580
Timeframe Analysis
D1 (Daily Timeframe)
Trend:
Overall, the D1 chart indicates a downtrend, but the pair is now in a consolidation phase with bullish attempts.
Price has bounced off the 1.0500 region and is testing Fibonacci 38.2% (1.0577) and 61.8% (1.0580) as key resistance zones.
Key Levels:
Resistance:
1.0580–1.0597: Daily high and Fibonacci resistance (likely to hold unless a strong breakout occurs).
1.0628–1.0678: Higher Fibonacci levels if the breakout continues.
Support:
1.0540: 100% Fibonacci level (current key support).
1.0500: Major psychological and structural support.
H4 (4-Hour Timeframe)
Trend:
Price is attempting to remain above the Ichimoku cloud, indicating possible bullish momentum.
The 200 SMA at 1.0545 is holding as support, reinforcing the bullish bias.
Indicators:
RSI: Neutral at 56, with room for further upside.
Stochastic: Just left overbought territory, signaling a potential pullback before further upside.
MACD: Positive, with the histogram shrinking slightly, suggesting a slowing bullish push.
Key Levels:
Resistance:
1.0580–1.0597 (Fibonacci and recent highs).
Support:
1.0545–1.0550: Near-term support zone (aligns with 200 SMA).
1.0515: Strong support if price breaks lower.
H1 (Hourly Timeframe)
Trend:
The H1 chart shows a slight pullback from 1.0580, with consolidation near the 1.0550 level.
Indicators:
RSI: Neutral at 48–50, with no clear directional bias.
Stochastic: Bearish crossover in the oversold region, hinting at a potential reversal upward soon.
ATR: 13 pips, indicating moderate volatility.
Key Levels:
Resistance:
1.0580–1.0597 (key resistance zone).
Support:
1.0540–1.0550: Current consolidation zone.
1.0515: Lower support.
M30 (30-Minute Timeframe)
Trend:
The M30 chart confirms the pullback, with price retesting support at 1.0550.
Indicators:
RSI: Weak at 43, hinting at slight bearishness.
Stochastic: Oversold and trying to reverse upward.
MACD: Neutral, showing consolidation.
Key Levels:
Same as H1.
Trade Scenarios
Scenario A: Bullish Continuation (BUY Setup)
Rationale: If the price holds support at 1.0550–1.0545 and breaks above 1.0580, the pair could target higher resistance levels near 1.0597 or even 1.0628.
Setup Details:
Entry Price: Above 1.0580 (confirmation of breakout).
Stop-Loss: 1.0550 (below consolidation support).
Take-Profit Levels:
TP1: 1.0597 (Daily high).
TP2: 1.0628 (next Fibonacci level).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Pullback (SELL Setup)
Rationale: If the price fails to break above 1.0580 and falls below 1.0545, it could retest lower support levels near 1.0515 or even 1.0500.
Setup Details:
Entry Price: Below 1.0540 (confirmation of breakdown).
Stop-Loss: 1.0560 (above consolidation).
Take-Profit Levels:
TP1: 1.0515 (near-term support).
TP2: 1.0500 (psychological level).
Risk/Reward Ratio: ~1:2.
D1 (Daily Timeframe)
Trend:
Overall, the D1 chart indicates a downtrend, but the pair is now in a consolidation phase with bullish attempts.
Price has bounced off the 1.0500 region and is testing Fibonacci 38.2% (1.0577) and 61.8% (1.0580) as key resistance zones.
Key Levels:
Resistance:
1.0580–1.0597: Daily high and Fibonacci resistance (likely to hold unless a strong breakout occurs).
1.0628–1.0678: Higher Fibonacci levels if the breakout continues.
Support:
1.0540: 100% Fibonacci level (current key support).
1.0500: Major psychological and structural support.
H4 (4-Hour Timeframe)
Trend:
Price is attempting to remain above the Ichimoku cloud, indicating possible bullish momentum.
The 200 SMA at 1.0545 is holding as support, reinforcing the bullish bias.
Indicators:
RSI: Neutral at 56, with room for further upside.
Stochastic: Just left overbought territory, signaling a potential pullback before further upside.
MACD: Positive, with the histogram shrinking slightly, suggesting a slowing bullish push.
Key Levels:
Resistance:
1.0580–1.0597 (Fibonacci and recent highs).
Support:
1.0545–1.0550: Near-term support zone (aligns with 200 SMA).
1.0515: Strong support if price breaks lower.
H1 (Hourly Timeframe)
Trend:
The H1 chart shows a slight pullback from 1.0580, with consolidation near the 1.0550 level.
Indicators:
RSI: Neutral at 48–50, with no clear directional bias.
Stochastic: Bearish crossover in the oversold region, hinting at a potential reversal upward soon.
ATR: 13 pips, indicating moderate volatility.
Key Levels:
Resistance:
1.0580–1.0597 (key resistance zone).
Support:
1.0540–1.0550: Current consolidation zone.
1.0515: Lower support.
M30 (30-Minute Timeframe)
Trend:
The M30 chart confirms the pullback, with price retesting support at 1.0550.
Indicators:
RSI: Weak at 43, hinting at slight bearishness.
Stochastic: Oversold and trying to reverse upward.
MACD: Neutral, showing consolidation.
Key Levels:
Same as H1.
Trade Scenarios
Scenario A: Bullish Continuation (BUY Setup)
Rationale: If the price holds support at 1.0550–1.0545 and breaks above 1.0580, the pair could target higher resistance levels near 1.0597 or even 1.0628.
Setup Details:
Entry Price: Above 1.0580 (confirmation of breakout).
Stop-Loss: 1.0550 (below consolidation support).
Take-Profit Levels:
TP1: 1.0597 (Daily high).
TP2: 1.0628 (next Fibonacci level).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Pullback (SELL Setup)
Rationale: If the price fails to break above 1.0580 and falls below 1.0545, it could retest lower support levels near 1.0515 or even 1.0500.
Setup Details:
Entry Price: Below 1.0540 (confirmation of breakdown).
Stop-Loss: 1.0560 (above consolidation).
Take-Profit Levels:
TP1: 1.0515 (near-term support).
TP2: 1.0500 (psychological level).
Risk/Reward Ratio: ~1:2.
Note
Trade kicked in with BUY on Friday, however this morning (Monday 02/12) closed with S/L, neverthless the SELL kicked in accordingly and closed with T/P.
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