EUR/USD 1H Chart – Potential Bullish Reversal from Support
EUR/USD (1H) Chart Analysis:
Key Resistance Zone:
The price has tested the 1.05200 level multiple times but failed to break above, forming a triple top pattern, indicating strong resistance.
Key Support Zone:
The price found support around 1.03434, where buyers stepped in (marked by the red arrow).
A bullish reaction occurred, suggesting a potential reversal.
Potential Bullish Scenario:
If the price continues to rise from the support, it may retest the 1.04587 level.
A break above 1.04587 could lead to further gains, targeting 1.05200.
Risk Management:
Stop-loss: Below 1.03434 to protect against downside risks.
Take-profit:
Target 1: 1.04587 (previous resistance).
Target 2: 1.05200 (major resistance level).
Conclusion:
Bullish Reversal Possible: The price is showing signs of a potential upward move.
Watch for Confirmation: A break above 1.04587 would confirm bullish momentum.
Bearish Caution: If price fails to hold above 1.03738, further downside movement could occur.
Key Resistance Zone:
The price has tested the 1.05200 level multiple times but failed to break above, forming a triple top pattern, indicating strong resistance.
Key Support Zone:
The price found support around 1.03434, where buyers stepped in (marked by the red arrow).
A bullish reaction occurred, suggesting a potential reversal.
Potential Bullish Scenario:
If the price continues to rise from the support, it may retest the 1.04587 level.
A break above 1.04587 could lead to further gains, targeting 1.05200.
Risk Management:
Stop-loss: Below 1.03434 to protect against downside risks.
Take-profit:
Target 1: 1.04587 (previous resistance).
Target 2: 1.05200 (major resistance level).
Conclusion:
Bullish Reversal Possible: The price is showing signs of a potential upward move.
Watch for Confirmation: A break above 1.04587 would confirm bullish momentum.
Bearish Caution: If price fails to hold above 1.03738, further downside movement could occur.
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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.
Related publications
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.