The chart you provided shows the EUR/USD currency pair on a 1-hour timeframe, with a technical analysis overlay. Here are the key observations:
1. Chart Patterns:
A descending triangle was forming before a bullish breakout occurred.
The breakout was followed by a sharp upward move, indicating a strong bullish momentum.
The current price is around 1.10669.
2. Support & Resistance Levels:
Support: 1.10587, 1.09867
Resistance: 1.11000, 1.11335
3. Projection:
There is a bearish projection drawn on the chart, indicating an expected pullback or correction.
Price is anticipated to test the support zone around 1.10587 or lower at 1.09867.
4. Candlestick Behavior:
Bullish candles are losing steam near the resistance.
A reversal pattern might be forming, hence the bearish outlook.
This suggests a potential short-term retracement after the recent breakout. Are you looking to trade based on this projection, or do you want a deeper technical/fundamental breakdown?
1. Chart Patterns:
A descending triangle was forming before a bullish breakout occurred.
The breakout was followed by a sharp upward move, indicating a strong bullish momentum.
The current price is around 1.10669.
2. Support & Resistance Levels:
Support: 1.10587, 1.09867
Resistance: 1.11000, 1.11335
3. Projection:
There is a bearish projection drawn on the chart, indicating an expected pullback or correction.
Price is anticipated to test the support zone around 1.10587 or lower at 1.09867.
4. Candlestick Behavior:
Bullish candles are losing steam near the resistance.
A reversal pattern might be forming, hence the bearish outlook.
This suggests a potential short-term retracement after the recent breakout. Are you looking to trade based on this projection, or do you want a deeper technical/fundamental breakdown?
Trade closed: target reached
EURUSD Target successfully reached. 
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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.