EUR/USD BULLISH REVERSAL SETUP FROM KEY SUPPORT ZONE CANDLE MASTER Update!
chart presents a bullish trade setup based on price action and support/resistance levels. Here's a breakdown of the analysis idea:
Key Observations:
1. Support Zone (Highlighted in Yellow at the Bottom):
The green arrows show repeated price bounces from this support level, indicating strong demand.
The latest candle suggests a rejection of lower prices, hinting at a potential upward move.
2. Resistance Zone (Upper Yellow Band):
This zone previously acted as support and now functions as resistance.
A break above this zone could signal bullish continuation.
3. Target Point:
A projected move (shown with a blue vertical line) aligns with a prior impulse wave.
Target is around the 1.1600 level, reflecting a ~2% upside move from the current price.
4. Trend Context:
Price was previously in an uptrend (rising wedge pattern), followed by consolidation.
The 50 EMA (red line) is above the 200 EMA (blue line), indicating medium-term bullish sentiment.
5. Trade Idea:
Entry: Near the current support level (around 1.1286).
Target: 1.1600.
Stop-loss: Below the support zone (approx. 1.1150), where the 200 EMA also lies.
This setup anticipates a breakout to the upside, driven by support holding firm and past bullish momentum.
