This chart represents the EUR/USD currency pair on a 1-hour timeframe, showing key technical analysis elements:
1. Sell Zones (Highlighted in Red Boxes): These are areas of strong resistance where price previously reversed downward, indicating potential selling opportunities.
2. Trendlines (Blue Lines):
The first blue trendline represents a downtrend, which was eventually broken to the upside.
The second blue trendline shows an uptrend, which also appears to have been broken, suggesting potential weakness.
3. Price Action & Projection:
The price recently touched a sell zone around 1.0520 and started rejecting it.
The chart suggests a possible downward movement, with a blue arrow pointing toward the lower support levels.
Support levels are marked at 1.04544 and 1.04054, where price might find some buying interest.
Conclusion:
This analysis indicates a bearish outlook after price rejected the sell zone. If the price stays below the resistance, it could move toward the lower support levels. Traders might consider short positions if the price confirms the breakdown.
1. Sell Zones (Highlighted in Red Boxes): These are areas of strong resistance where price previously reversed downward, indicating potential selling opportunities.
2. Trendlines (Blue Lines):
The first blue trendline represents a downtrend, which was eventually broken to the upside.
The second blue trendline shows an uptrend, which also appears to have been broken, suggesting potential weakness.
3. Price Action & Projection:
The price recently touched a sell zone around 1.0520 and started rejecting it.
The chart suggests a possible downward movement, with a blue arrow pointing toward the lower support levels.
Support levels are marked at 1.04544 and 1.04054, where price might find some buying interest.
Conclusion:
This analysis indicates a bearish outlook after price rejected the sell zone. If the price stays below the resistance, it could move toward the lower support levels. Traders might consider short positions if the price confirms the breakdown.
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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.
World Best Signals Channel here 🤝
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.