EURUSD TECHNICAL ANALYSIS FOCOUS ON KEY POINTS , EUR POSSIBLEhis chart is a technical analysis of the EUR/USD currency pair on a 1-hour timeframe, featuring several indicators and annotations. Here's a breakdown of what it means:
Key Features of the Chart:
Support & Resistance Levels:
The black horizontal lines indicate important support and resistance levels.
Support: Around 1.08739 (marked with a black line).
Resistance: Around 1.09491 (upper blue zone).
Fibonacci Circles:
The red and blue circular patterns in the middle of the chart suggest Fibonacci time and price levels.
These are used to predict potential reversal points or price movements.
Supply & Demand Zones:
Blue shaded areas indicate resistance (supply zones) where price previously reversed.
The price may react again when reaching these levels.
Candlestick Patterns & Trend Lines:
A previous rejection at the upper blue zone (left side) led to a strong downtrend.
The blue diagonal trendline suggests previous bullish momentum.
Forecasted Price Movement:
The blue arrow suggests an expected bullish move toward the 1.09491 resistance level.
The setup suggests a buy trade with a stop loss around 1.08931 and a target near 1.09491.
Conclusion:
This chart suggests a potential bullish move in EUR/USD, with an expected rise toward 1.09491 if it breaks the resistance near 1.09104. However, if it fails, it could drop back to the 1.08739 support level.
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