daily chart of EUR/USD, i observe a significant consolidation pattern forming between the major support level at approximately 1.0400 and the weekly resistance levels near 1.1200. The pair is currently trading around 1.0911, showing a potential breakout scenario.
>> Key Levels:
Weekly Resistance: The zone between 1.1000 and 1.1200 serves as a strong resistance. A break above this could signal a bullish continuation towards higher targets.
Major Support: Around 1.0400, this level has held multiple times and is critical for the bulls to defend.
Triangle Formation: The price is squeezing within a triangle pattern. A decisive breakout could provide clear directional cues.
RSI Indicator:
The RSI is currently around 60, indicating some bullish momentum but still below overbought territory. Monitoring RSI for divergence or confirmation of a breakout will be essential.
>> Scenarios:
Bullish: A breakout above the triangle and weekly resistance could lead to a rally towards the 1.1400 area.
Bearish: Failure to break the resistance and a move below the triangle support could drive the price down to retest the major support at 1.0400.
>> Key Levels:
Weekly Resistance: The zone between 1.1000 and 1.1200 serves as a strong resistance. A break above this could signal a bullish continuation towards higher targets.
Major Support: Around 1.0400, this level has held multiple times and is critical for the bulls to defend.
Triangle Formation: The price is squeezing within a triangle pattern. A decisive breakout could provide clear directional cues.
RSI Indicator:
The RSI is currently around 60, indicating some bullish momentum but still below overbought territory. Monitoring RSI for divergence or confirmation of a breakout will be essential.
>> Scenarios:
Bullish: A breakout above the triangle and weekly resistance could lead to a rally towards the 1.1400 area.
Bearish: Failure to break the resistance and a move below the triangle support could drive the price down to retest the major support at 1.0400.
Note
reserve for updateTrade closed: target reached
Bullish: A breakout above the triangle and weekly resistance could lead to a rally towards the 1.1400 area.
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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.