Euro / U.S. DollarShort
EURUSD H1 28/11/2024 - SELL below 1.0510 OR BUY above 1.0560
Key Levels from M30 and H1
Support Levels:
1.0520–1.0510 Zone: Currently holding as local support (aligned with Fibonacci 100% and Ichimoku baseline on H1).
1.0500: Psychological support level, aligns with the Fibonacci 161.8% extension.
Resistance Levels:
1.0553–1.0560 Zone: A consolidation resistance zone marked by Fibonacci 38.2% and near-term highs.
1.0580: Fibonacci 61.8% retracement level, strong resistance on the D1 chart.
Trendlines:
H1 chart shows a downward-sloping trendline from recent highs, indicating potential bearish pressure unless broken.
Momentum Indicators:
RSI (H1): Around 52, neutral but tilting bearish.
Stochastic (H1): Bullish crossover from oversold on M30, but H1 is still near neutral (around 34).
MACD (H1): Showing mild bearish divergence but flattening.
Volatility (ATR):
ATR (H1): 11 pips, suggesting moderate price movement potential.
Scenario A: Bearish Breakdown Trade
Rationale: If the price breaks below the 1.0520–1.0510 support zone, it could test lower levels like 1.0500 or 1.0450.
Setup Details:
Entry Price: 1.0510 (below Ichimoku support and 100% Fibonacci level).
Stop-Loss: 1.0535 (above the downward-sloping trendline and consolidation resistance).
Take-Profit Levels:
TP1: 1.0500 (psychological level).
TP2: 1.0475 (previous lows, close to Fibonacci 261.8%).
Risk/Reward Ratio: ~1:2.
Scenario B: Bullish Reversal Trade
Rationale: If the price breaks above the 1.0553–1.0560 resistance zone, it could retest higher levels like 1.0580 or higher.
Setup Details:
Entry Price: 1.0560 (above consolidation and Fibonacci 38.2%).
Stop-Loss: 1.0530 (below the breakout zone).
Take-Profit Levels:
TP1: 1.0580 (Fibonacci 61.8%).
TP2: 1.0596 (next significant high).
Risk/Reward Ratio: ~1:2.
Support Levels:
1.0520–1.0510 Zone: Currently holding as local support (aligned with Fibonacci 100% and Ichimoku baseline on H1).
1.0500: Psychological support level, aligns with the Fibonacci 161.8% extension.
Resistance Levels:
1.0553–1.0560 Zone: A consolidation resistance zone marked by Fibonacci 38.2% and near-term highs.
1.0580: Fibonacci 61.8% retracement level, strong resistance on the D1 chart.
Trendlines:
H1 chart shows a downward-sloping trendline from recent highs, indicating potential bearish pressure unless broken.
Momentum Indicators:
RSI (H1): Around 52, neutral but tilting bearish.
Stochastic (H1): Bullish crossover from oversold on M30, but H1 is still near neutral (around 34).
MACD (H1): Showing mild bearish divergence but flattening.
Volatility (ATR):
ATR (H1): 11 pips, suggesting moderate price movement potential.
Scenario A: Bearish Breakdown Trade
Rationale: If the price breaks below the 1.0520–1.0510 support zone, it could test lower levels like 1.0500 or 1.0450.
Setup Details:
Entry Price: 1.0510 (below Ichimoku support and 100% Fibonacci level).
Stop-Loss: 1.0535 (above the downward-sloping trendline and consolidation resistance).
Take-Profit Levels:
TP1: 1.0500 (psychological level).
TP2: 1.0475 (previous lows, close to Fibonacci 261.8%).
Risk/Reward Ratio: ~1:2.
Scenario B: Bullish Reversal Trade
Rationale: If the price breaks above the 1.0553–1.0560 resistance zone, it could retest higher levels like 1.0580 or higher.
Setup Details:
Entry Price: 1.0560 (above consolidation and Fibonacci 38.2%).
Stop-Loss: 1.0530 (below the breakout zone).
Take-Profit Levels:
TP1: 1.0580 (Fibonacci 61.8%).
TP2: 1.0596 (next significant high).
Risk/Reward Ratio: ~1:2.
Note
TP1 - Was hit this morning - 1.0580
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