EURUSD
The chart displays the EUR/USD currency pair on a daily timeframe. Here are some key observations and analysis points:Support and Resistance Levels:The chart shows a significant resistance level around 1.10300, which the price has tested multiple times.There is also a prominent support zone between approximately 1.04000 and 1.05000, which has held firm over the past few months.Trendline:An upward-sloping trendline has been drawn from the recent lows in March 2024, indicating a potential short-term bullish trend.Current Price Movement:The price is currently trading around 1.08900 and seems to be following the upward trendline.Candlestick Patterns:The recent candlesticks show some consolidation near the trendline, suggesting that traders are waiting for a clear direction.Potential Scenarios:Bullish Scenario:If the price continues to respect the upward trendline and breaks above the 1.10300 resistance level, it could signal a continuation of the bullish trend. The next target could be higher resistance levels around 1.11000 or above.Bearish Scenario:If the price breaks below the upward trendline, it might indicate a potential reversal or deeper pullback. In this case, the price could revisit the support zone around 1.04000 to 1.05000.Range-Bound Scenario:The price could also continue to trade within the range of the identified support and resistance levels, particularly if there is no significant market catalyst.
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.