Hi Traders!
Please see the updated chart for EURUSD. We have a possible reversal to the bearish price channel.
We have the first resistance around the 1.09082 level, which is the April 17th 2023 low that we broke as Support. If we retrace from 1.09082 instantly, we are likely to target the support level of 1.08313, which is the low for April 10th 2023. If we break and close above 1.09082, the next key resistance level is 1.09433.
We are currently above the 50 Moving Average. However, this is slowly looking to turn. This also supports the possibility of a reversal to the bearish momentum.
Please do not forget to like, comment and follow.
We appreciate your support.
BluetonaFX
Please see the updated chart for EURUSD. We have a possible reversal to the bearish price channel.
We have the first resistance around the 1.09082 level, which is the April 17th 2023 low that we broke as Support. If we retrace from 1.09082 instantly, we are likely to target the support level of 1.08313, which is the low for April 10th 2023. If we break and close above 1.09082, the next key resistance level is 1.09433.
We are currently above the 50 Moving Average. However, this is slowly looking to turn. This also supports the possibility of a reversal to the bearish momentum.
Please do not forget to like, comment and follow.
We appreciate your support.
BluetonaFX
Trade closed: target reached
As forecast, we had a small rally to test the 1.09082 resistance however, we just fell short of reaching it by 4 pips (we reached 1.09048) then we retraced downwards all the way to the April 10th target support level of 1.08313 which is were we are at now.
If we do not hold 1.08313 as Support we have highlighted the next Support level in the image above. We will watch now to see how price behaves at this area and will have more detail for you in our next analysis.
BluetonaFX
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.