Bearish Continuation Pattern: EURUSD Targets Further Decline
Hey Traders,
EURUSD is displaying signs of a bearish continuation pattern, hinting at potential further downside. The pair has encountered strong resistance around the 1.11224 level, and with momentum building, it appears poised for another leg lower/impulse after this correction.
Current Market Conditions:
Bearish Continuation: The pair has been trending downward, with the latest price action confirming a continuation of this bearish momentum.
Key Resistance: EURUSD has met significant resistance around the 1.11224 level, which aligns with previous highs, making it a critical zone to watch.
Bearish Setup: A break below the recent support around 1.10658 could open the doors for a deeper decline.
Fundamental Analysis/Outlook:
The Euro remains under pressure due to weaker-than-expected economic data across the Eurozone, coupled with ongoing concerns about the ECB's ability to navigate through the current inflationary environment. With the U.S. dollar gaining strength on the back of solid economic performance and the Fed's hawkish stance, the EURUSD pair is vulnerable to further declines.
Targets:
TP1: 1.10374
TP2: 1.10000
TP3: 1.09770
Risk Management:
Stop-Loss: Place a stop-loss above the recent resistance at 1.11224 to safeguard against a potential breakout to the upside.
Conclusion:
EURUSD is facing significant downward pressure, with bearish momentum likely to continue. Traders should monitor the key support levels for confirmation of further downside potential.
I would love to hear your thoughts in the comment section. Please hit boost and follow for more ideas. Thank you, and profitable trading to you all!
Trading Insight: "Market trends are like rivers; they carve their path over time. Flow with them, but always be ready to navigate the rapids."
EURUSD is displaying signs of a bearish continuation pattern, hinting at potential further downside. The pair has encountered strong resistance around the 1.11224 level, and with momentum building, it appears poised for another leg lower/impulse after this correction. Current Market Conditions:
Bearish Continuation: The pair has been trending downward, with the latest price action confirming a continuation of this bearish momentum.
Key Resistance: EURUSD has met significant resistance around the 1.11224 level, which aligns with previous highs, making it a critical zone to watch.
Bearish Setup: A break below the recent support around 1.10658 could open the doors for a deeper decline.
Fundamental Analysis/Outlook:
The Euro remains under pressure due to weaker-than-expected economic data across the Eurozone, coupled with ongoing concerns about the ECB's ability to navigate through the current inflationary environment. With the U.S. dollar gaining strength on the back of solid economic performance and the Fed's hawkish stance, the EURUSD pair is vulnerable to further declines.
Targets:
TP1: 1.10374
TP2: 1.10000
TP3: 1.09770
Risk Management:
Stop-Loss: Place a stop-loss above the recent resistance at 1.11224 to safeguard against a potential breakout to the upside.
Conclusion:
EURUSD is facing significant downward pressure, with bearish momentum likely to continue. Traders should monitor the key support levels for confirmation of further downside potential.
I would love to hear your thoughts in the comment section. Please hit boost and follow for more ideas. Thank you, and profitable trading to you all!
Trading Insight: "Market trends are like rivers; they carve their path over time. Flow with them, but always be ready to navigate the rapids."
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