We see a strong impulsive move to the upside, breaking through previous resistance levels. The upward push suggests bullish dominance, but price has now entered a corrective phase, retracing from recent highs.
Key Areas of Interest
Resistance Zone at 1.1150 - 1.1160: This area, marked as an "Area of Interest," aligns with previous swing highs, making it a potential reversal point or continuation area.
Support at 1.0919: This level aligns with the Asian session low and is reinforced by the 0.618 Fibonacci retracement level, making it a crucial support zone.
Fibonacci Retracement & Potential Buy Zones
Price is currently retracing within the Fibonacci levels, particularly testing the 0.382 level at 1.1020. If a deeper retracement occurs, the 0.5 and 0.618 levels around 1.0960-1.0919 could act as strong demand zones for potential long entries.
Liquidity
The chart indicates areas where liquidity may reside, such as above the recent highs and below the Asian session low. A stop-hunt scenario could see price dipping into the 1.0919 region before resuming the uptrend.
EUR/USD remains in a bullish structure but is undergoing a corrective phase. Key support and resistance levels should be watched closely for trade opportunities. A break above 1.1100 could signal further upside momentum, while a drop below 1.0960 might lead to deeper retracement before any continuation.
Traders should monitor price action around these key levels and consider confirmation signals before entering trades.
TRADE
Entry: 1.10328
Stop Loss: 1.10630
Take Profit: 1.08892
Trade active
Trade closed: target reached
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.