Euro / U.S. DollarShort
EURUSD - Ready For A Bearish Breakout?
Updated
The EUR/USD pair is currently hovering near the lower end of a consolidation range observed over the past few days. The price is showing indecision as it fluctuates between key levels of support and resistance, with sellers appearing to exert more pressure as indicated by the negative Cumulative Volume Delta.
Key Levels:
Resistance: The pair has a key resistance zone at 1.0560, which has capped upward moves in recent sessions. Beyond this, stronger resistance lies around 1.0680, marking the upper boundary of the recent trading range. This might be a possible zone for re-entries into short positions.
Support: On the downside, 1.0455 is acting as a critical support level. This zone has been tested multiple times but continues to hold, suggesting that buyers are stepping in around these levels to prevent further declines.
Price Action:
The pair is currently trading within a tight range between 1.0455 and 1.0560. There is no clear directional momentum at the moment, and the pair may continue to consolidate in this zone in the short term. However, repeated tests of the 1.0455 support level suggest that bearish pressure is building.
Outlook:
A break below the 1.0455 support could open the door for a move toward the next significant support at 1.0350. On the other hand, if the bulls manage to push the price above the resistance at 1.0560, it could trigger a rally toward the higher resistance zone around 1.0680.
Key Levels:
Resistance: The pair has a key resistance zone at 1.0560, which has capped upward moves in recent sessions. Beyond this, stronger resistance lies around 1.0680, marking the upper boundary of the recent trading range. This might be a possible zone for re-entries into short positions.
Support: On the downside, 1.0455 is acting as a critical support level. This zone has been tested multiple times but continues to hold, suggesting that buyers are stepping in around these levels to prevent further declines.
Price Action:
The pair is currently trading within a tight range between 1.0455 and 1.0560. There is no clear directional momentum at the moment, and the pair may continue to consolidate in this zone in the short term. However, repeated tests of the 1.0455 support level suggest that bearish pressure is building.
Outlook:
A break below the 1.0455 support could open the door for a move toward the next significant support at 1.0350. On the other hand, if the bulls manage to push the price above the resistance at 1.0560, it could trigger a rally toward the higher resistance zone around 1.0680.
Trade active
Almost there. Let's secure our profit and put SL to 1.0405.Trade closed: target reached
There we are....
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