EUR/USD) Big Support level Analysis Read The ChaptianSMC Trading point update
Technical analysis of EUR/USD on the 1-hour timeframe. The idea centers around a potential reversal from a major support zone, aiming for higher resistance targets. Here's a detailed breakdown:
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1. Big Support Level
A strong horizontal support zone is highlighted around 1.1275–1.1290.
Price is currently reacting off this level, suggesting a potential bullish reversal.
2. EMA 200 as Resistance
The 200-period EMA (~1.1346) is above current price, possibly acting as a dynamic resistance.
A break and hold above it could confirm bullish momentum.
3. Resistance Levels & Target Points
The first target is the 1.14367 resistance level, a clear supply zone.
The second target point is around 1.15622, aligned with a previous major high and strong resistance zone.
4. RSI Indicator
RSI is at 44.02, indicating neutral to slightly oversold conditions—this supports a potential bullish move, especially from support.
5. Forecast Path
The chart projects a likely pullback and breakout pattern:
Rebound from the support zone.
Break through EMA 200 and minor resistance.
Rally toward first and second targets.
Mr SMC Trading point
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Summary of the Idea:
This is a trend-reversal-to-continuation setup, with EUR/USD expected to rise from a key support area toward 1.14367, and potentially 1.15622, provided price holds above the support and breaks the EMA 200.
Pales support boost 🚀 analysis follow)
