The EUR/USD pair seems to be showing some promising signs of recovery after breaking out of the descending trendline (marked in white).
Following the breakout, price action is retesting the key horizontal support zone around 1.0375–1.0400. This area has historically acted as a demand zone, making it a crucial level to watch.
If the support holds, the pair could follow the upward trajectory indicated by the yellow arrow, aiming for the next resistance levels around 1.0455 and eventually 1.0605.
If the movement happens, I will be looking for a promising formation or some candlestick pattern on the zone above.
however, there is also a high probability that the market will just bounce of a continue in the direction.
Stay cautious and plan your entries wisely
A
Following the breakout, price action is retesting the key horizontal support zone around 1.0375–1.0400. This area has historically acted as a demand zone, making it a crucial level to watch.
If the support holds, the pair could follow the upward trajectory indicated by the yellow arrow, aiming for the next resistance levels around 1.0455 and eventually 1.0605.
If the movement happens, I will be looking for a promising formation or some candlestick pattern on the zone above.
however, there is also a high probability that the market will just bounce of a continue in the direction.
Stay cautious and plan your entries wisely
A
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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.