EURUSD H1 05/12/2024 - SELL below 1.0510 OR BUY above 1.05350
Multi-Timeframe Analysis
D1 (Daily Timeframe)
Trend: Consolidation with slight bullish bias as price is near 1.0530–1.0550 resistance. Price is trading near the upper Ichimoku boundary, but the 200 SMA remains above, capping gains.
Indicators:
RSI (14): 42.4, neutral.
Stochastic (14,3,3): Bullish crossover but near overbought.
MACD (12,26,9): Negative histogram but narrowing, indicating weakening bearish momentum.
Key Levels:
Resistance: 1.0550–1.0580.
Support: 1.0500 and 1.0475.
H4 (4-Hour Timeframe)
Trend: Neutral to bullish; price is above the Ichimoku Cloud and key moving averages.
Indicators:
RSI (14): 55.1, leaning bullish.
Stochastic (14,3,3): Overbought but stabilizing.
MACD (12,26,9): Positive histogram, confirming recent upward momentum.
Key Levels:
Resistance: 1.0550–1.0580 (top boundary).
Support: 1.0500 and 1.0475 (Ichimoku baseline and prior swing low).
H1 (Hourly Timeframe)
Trend: Consolidation; price is oscillating between 1.0510–1.0535.
Indicators:
RSI (14): 61.4, bullish.
Stochastic (14,3,3): Neutral after exiting overbought territory.
MACD (12,26,9): Positive histogram with moderate upward momentum.
ATR (14): 11 pips, indicating low volatility.
Key Levels:
Resistance: 1.0535 and 1.0550.
Support: 1.0510 and 1.0500.
M30 (30-Minute Timeframe)
Trend: Similar to H1, consolidating within the 1.0510–1.0535 range.
Indicators: RSI and Stochastic are neutral, with MACD showing moderate bullish momentum.
Trade Scenarios
Scenario A: Bullish Continuation (BUY Setup)
Rationale: If the price breaks above 1.0535, it could target the next resistance at 1.0550 and higher.
Setup Details:
Entry Price: Above 1.0535 (breakout confirmation).
Stop-Loss: 1.0510 (below consolidation support).
Take-Profit Levels:
TP1: 1.0550 (H4 resistance).
TP2: 1.0580 (Daily resistance).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Reversal (SELL Setup)
Rationale: If the price fails to hold above 1.0510, a reversal toward support levels could occur.
Setup Details:
Entry Price: Below 1.0510 (breakdown confirmation).
Stop-Loss: 1.0535 (above consolidation resistance).
Take-Profit Levels:
TP1: 1.0490 (M30 support zone).
TP2: 1.0475 (H4 support).
Risk/Reward Ratio: ~1:2.
D1 (Daily Timeframe)
Trend: Consolidation with slight bullish bias as price is near 1.0530–1.0550 resistance. Price is trading near the upper Ichimoku boundary, but the 200 SMA remains above, capping gains.
Indicators:
RSI (14): 42.4, neutral.
Stochastic (14,3,3): Bullish crossover but near overbought.
MACD (12,26,9): Negative histogram but narrowing, indicating weakening bearish momentum.
Key Levels:
Resistance: 1.0550–1.0580.
Support: 1.0500 and 1.0475.
H4 (4-Hour Timeframe)
Trend: Neutral to bullish; price is above the Ichimoku Cloud and key moving averages.
Indicators:
RSI (14): 55.1, leaning bullish.
Stochastic (14,3,3): Overbought but stabilizing.
MACD (12,26,9): Positive histogram, confirming recent upward momentum.
Key Levels:
Resistance: 1.0550–1.0580 (top boundary).
Support: 1.0500 and 1.0475 (Ichimoku baseline and prior swing low).
H1 (Hourly Timeframe)
Trend: Consolidation; price is oscillating between 1.0510–1.0535.
Indicators:
RSI (14): 61.4, bullish.
Stochastic (14,3,3): Neutral after exiting overbought territory.
MACD (12,26,9): Positive histogram with moderate upward momentum.
ATR (14): 11 pips, indicating low volatility.
Key Levels:
Resistance: 1.0535 and 1.0550.
Support: 1.0510 and 1.0500.
M30 (30-Minute Timeframe)
Trend: Similar to H1, consolidating within the 1.0510–1.0535 range.
Indicators: RSI and Stochastic are neutral, with MACD showing moderate bullish momentum.
Trade Scenarios
Scenario A: Bullish Continuation (BUY Setup)
Rationale: If the price breaks above 1.0535, it could target the next resistance at 1.0550 and higher.
Setup Details:
Entry Price: Above 1.0535 (breakout confirmation).
Stop-Loss: 1.0510 (below consolidation support).
Take-Profit Levels:
TP1: 1.0550 (H4 resistance).
TP2: 1.0580 (Daily resistance).
Risk/Reward Ratio: ~1:2.
Scenario B: Bearish Reversal (SELL Setup)
Rationale: If the price fails to hold above 1.0510, a reversal toward support levels could occur.
Setup Details:
Entry Price: Below 1.0510 (breakdown confirmation).
Stop-Loss: 1.0535 (above consolidation resistance).
Take-Profit Levels:
TP1: 1.0490 (M30 support zone).
TP2: 1.0475 (H4 support).
Risk/Reward Ratio: ~1:2.
Note
BUY executed and TP1 achieved
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.