EUR USD Trade Setup 1 hour timeframe EUR USD Entry Setup 1 hour timeframe
On the 1 hour timeframe EUR USD has formed a supply level + a Double Top pattern at the supply level, now we wait for candlestick pattern for entry confirmation.
Eurusdventas
EUR USD Trade Setup 1 hour timeframe EUR USD has broken a major key support level on the 1 hour timeframe forming a breakout and a retest pattern.
Lets wait for the price to pull back to the retest level then enter based off solid candlestick confirmation pattern.
EURUSD: The bears will approach the support zone!The currency pair EUR/USD experienced a drop to a fresh low of 1.0790 during the day, after reversing from a significant short-term obstacle. The downtrend is further supported by the breaking of a two-week support line, which is now a resistance level, and the calming uptrend of the MACD line. Additionally, the RSI line (14) has fallen to level 50, indicating the continuation of the downtrend. No information has been omitted from the original text.
Therefore, the EUR/USD quotes are set to test the confluence of the 1.0730 support level consisting of the DMA 50 and DMA 21 lines as traders start the important week.
Overall, EUR/USD is likely to fall further but the retracement range below 1.0730 appears to be limited.
EURUSD: Go long!
Break below support and approaching previous lows, there is a significant demand for rebound after a sharp pullback. If there is sufficient margin, I believe now is a good time to go long.
If you have any other trading-related questions, feel free to let me know in the comments and I will help you answer them.
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