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EURUSD Technical Analysis.This image is a trading chart for the EUR/USD currency pair on the 1-hour (1h) timeframe, published on TradingView. Here’s a breakdown of the key elements: 1. Current Price: The price is around 1.12121, showing a slight increase of +0.34%. 2. Trading Zones: The green zone indicates a potential bullish target area, with a possible price target around 1.12874. The red zone at the bottom shows a stop-loss area, with a critical support level at approximately 1.11641. 3. Chart Analysis: There is a consolidation area (black rectangle), suggesting a potential breakout. The projected upward arrow indicates a bullish movement, suggesting that if the price breaks above the consolidation, it might continue to the upside. 4. Trading Plan: The plan seems to be to buy on a breakout above the consolidation zone with a target at the upper green level. Stop loss is placed below the lower red zone to manage risk. Would you like an analysis of potential scenarios or trading strategies based on this chart?
Long
by XAUUSD_EXPERT_Team
EURUSD - Expecting Bearish Continuation In The Short TermH1 - Clean bearish trend with the price creating series of lower highs, lower lows. Lower lows on the moving averages of the MACD indicator. Expecting further continuation lower until the two Fibonacci resistance zones hold. If you enjoy this idea, don’t forget to LIKE 👍, FOLLOW ✅, SHARE 🙌, and COMMENT ✍! Drop your thoughts and charts below to keep the discussion going. Your support helps keep this content free and reach more people! 🚀 -------------------------------------------------------------------------------------------------------------------- Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Short
by VladimirRibakov
EUR/USD – Bullish Wave 3 in Play | AO Convergence + Fib Target PPair: EUR/USD Timeframe: 15-Minute Date: May 15, 2025 🧠 Technical Breakdown: This analysis focuses on a clean impulsive Elliott Wave structure, Fibonacci projections, and Awesome Oscillator (AO) confirmation to support a bullish continuation. 🔍 Wave Count: Wave 1: Clear impulsive push upwards, breaking previous market structure. Wave 2: Completed corrective pullback into the key support zone, respecting the golden ratio levels. Wave 3: Initiated after a dominant break above the minor structure and trendline resistance, confirming bullish momentum. ⚙️ AO (Awesome Oscillator) Confirmation: Strong AO divergence between the Wave 1 and Wave 2 low confirms the bullish structure. Within the early stage of Wave 3, the AO shows a convergence pattern forming between subwaves 1, 2, and 3 — indicating strengthening bullish momentum. AO flipped green again after a minor pullback, signaling bullish continuation potential. 🎯 Fibonacci Extensions: TP1 Zone: 1.618 – 1.88 Fibonacci extension range → 1.1216 – 1.1226 (High probability for Wave 3 termination) TP2 Zone: 2.618 – 2.88 Fibonacci extension range → 1.1241 – 1.1258 (Extended target if bullish momentum accelerates) Further projections (Wave 5 estimate): 4.236 – 4.618 → 1.1276 – 1.1288 🧱 Key Structural Zone: 1.11813 is the most critical support-turned-resistance (SNR) level — price broke above this level, retested, and bounced. The green highlighted box marks the ideal buy zone, aligned with: Dominant break confirmation Fibonacci confluence Bullish AO setup ✅ Trade Plan: Entry: On retest or bounce from the green zone Stop Loss: Below 1.11800 or below Wave 2 low (to protect structure) Take Profit 1: 1.1216 – 1.1226 Take Profit 2: 1.1241 – 1.1258 Optional TP3 (extended): 1.1276 – 1.1288 (Wave 5 projection) 🧭 Summary: This setup combines Elliott Wave theory, Fibonacci projections, and AO convergence to provide a highly probable bullish continuation scenario. Ideal for breakout traders and structure-based wave analysts. 📌 “Confluence is key. Let structure, momentum, and fibs guide the trade.” #EURUSD #ElliottWave #Wave3 #AOIndicator #ForexAnalysis #Fibonacci #PriceAction #FXTrading #StructureBreak #TechnicalAnalysis
Long
by AwesomeOscDad
Fundamental Market Analysis for May 15, 2025 EURUSDEUR/USD is holding near 1.12000 in Thursday's Asian session, recovering the day's losses as the euro (EUR) gains momentum ahead of the preliminary Eurozone gross domestic product (GDP) report for Q1 2025 to be released later in the day. The euro is being bolstered by growing confidence in its role as a reserve currency. Analysts at Capital Economics noted that the single currency is now in its strongest position in years and is closing the gap with the US dollar (USD) in global reserves. This shift is partly due to the policies of US President Donald Trump, which are seen as undermining the traditional appeal of the USD as a “safe-haven currency”. Further boosting the euro's reserve status was Germany's move to loosen fiscal restraints to boost defense and government spending, sparking additional demand for the currency. Meanwhile, European Central Bank (ECB) officials continue to emphasize the need for further interest rate cuts amid growing confidence that U.S. tariff measures will not significantly boost inflation in the eurozone. While interest rate cuts usually have a negative impact on the euro, the currency has so far remained resilient. EUR/USD is also finding support from a softer US Dollar as markets remain cautious amid continued, albeit slightly diminished, trade uncertainty. Attention now turns to upcoming US data releases, including retail sales and the Producer Price Index (PPI). Adding to the broader context, speculation is growing that Washington may favor a weaker dollar to boost its trade competitiveness. The Trump administration has argued that an overvalued dollar puts U.S. exporters at a disadvantage against competitors with weaker currencies. Trading recommendation: BUY 1.11900, SL 1.11400, TP 1.12600
Long
by Fresh-Forexcast2004
EURUSD Just Landed in the Killzone — Bounce or Breakdown?🔥 EURUSD 15-Min SMC Precision Play — May 14, 2025 Here’s a sweet Smart Money sniper entry on EURUSD, caught right as price tagged a powerful triple confluence zone: 📊 1. Structure & Momentum Recent bullish momentum created a weak high around 1.12660 Retracement follows with strong bearish pressure Price lands exactly at a previous OB, Fair Value Gap, and the 61.8% fib retracement 🧱 2. Confluence Breakdown 🔴 Fair Value Gap (FVG): Unfilled imbalance tapped 🟣 Order Block (OB): The last down candle before bullish rally 🟡 61.8% Fibonacci Level: Price kissed the golden pocket This stacking creates a high-probability reversal zone 🎯 3. Trade Plan Entry: Around 1.12160 SL: Below 1.12090 (under 70.5% fib) TP: At 1.12660 targeting previous weak high RRR ≈ 1:6 — optimal asymmetric reward play 🔄 4. Management & Outlook Watch for reaction on the 50% level at 1.12300 Break of market structure above 1.12400 = confirmation Scaling out advised at midline levels with stop-loss trailed manually 🧠 Smart Money knows this is where the liquidity pools live. You're not late — you're patiently positioned where the institutions hunt. 🎯 Drop a “📍” in the comments if you're watching EURUSD 🎥 Follow for more sniper setups like this one — @ChartNinjas88
Long
by ChartNinjas88
EUR/USD Bearish Trend Continues DevelopmentThe EUR/USD sell-off took a big step forward on Monday. Before that, we had a break of a descending triangle as sellers finally took out the Fibonacci level at 1.1275. But sellers weren't able to make much ground below 1.1200 last week and the breakdown remained short-lived until sellers took control on Monday. As I wrote in the post on Monday, chasing the pair lower after such a strong move seemed dangerous, and given the prior support at 1.1200 or even around the 1.1275 level, there were two areas of interest for lower-highs. Given the pullback in USD on Tuesday, EUR/USD rallied all the way from a support test at 1.1100 up to re-test that resistance zone around 1.1275. But, notably, bears came in to defend a lower-high, keeping price below the 1.1293 level that marked the swing high on Friday. Sellers have taken another step forward today to drive prices back-below the 1.1200 handle and the pair remains in the spotlight for USD-strength scenarios as we go into a really big batch of data tomorrow. The U.S. takes centerstage with retail sales, PPI and a speech from Chair Powell, but there's also some European drivers on the calendar before that. In EUR/USD bears need to hold resistance below 1.1275 to retain control of the trend, and for next support 1.1100 seems obvious with the 1.1000 and 1.0943 levels below that. - js
by FOREXcom
EURUSD - TOUGH but LOGICAL - SELL SHORT Hello Dear Traders, EURUDS bias is Short based on following confluences The first thing to note is that market has respected BEARISH TRENDLINE resistance followed by rejection from MAJOR RESISTANCE LEVEL, which is also a FIB golden level of 0.382. based on this, if market breaks the MINOR support level which is also 0.68 level of FIB then we can sell short the market with SELL STOP order and take profits on LL of the market. Further, EXY (EUR Index) is bearish and DXY is positive so EUR/USD = net bearish which is also a strong sign of selling short. similarly, if we look at the sentiments of the market, which although is 60 % bias towards short, its not a strong confluence but I will give weightage to the market senstiments. Keep your stop loss above last LH / support level and enjoy trades.
Short
by ProTradeProfessor
EURUSD long.The trading setup on the 1-hour timeframe, and it includes the following key components: Entry Zone: The area is marked as the Entry Zone. Traders are expected to enter a buy position when the price dips into this zone. Approximate entry range: 1.10871 – 1.10567 🔴 Stop Loss (SL): Marked below the Entry Zone. The Stop Loss is placed at around 1.10256. This protects against further downside if the trade setup fails. 🟢 Final Target: The area marks the take profit zone, or Final Target. Target price: 1.12477 This is where the trade is expected to reach if the price moves favorably. 📈 Projection: Two potential upward price paths are shown, indicating: One quick bounce from the Entry Zone. Another scenario where price dips slightly deeper into the Entry Zone before reversing upward. 💬 Summary: This is a long (buy) trade setup where the trader aims to buy near the 1.10500–1.10871 area, sets a stop loss around 1.10256, and targets a profit at 1.12477. The analysis assumes a bullish reversal after the recent downtrend.
Long
by m_zeeshan3644
EURUSD - ANALYSIS👀 Observation: Hello, everyone! I hope you're doing well. I’d like to share my analysis of EUR-USD with you. Looking at the chart, if EUR-USD breaks above 1.12930 on the 1-hour time frame, I expect the price to move up to 1.15244. During this upward movement, I anticipate a pullback at 1.13805, with the price possibly retracing down to 1.12000. After this, I expect the price to continue its move upwards towards 1.15244. 📉 Expectation: Bullish Scenario: Price to move up to 1.15244 after breaking above 1.12930. Pullback Expected: A possible pullback to 1.12000 after reaching 1.13805 before the price continues upwards to 1.15244. 💡 Key Levels to Watch: Resistance: 1.15244 Support: 1.12000 💬 What are your thoughts on EUR-USD this week? Let me know in the comments! Trade safe
Long
by PouyanTradeFX
1
DeGRAM | EURUSD retest of the support level📊 Technical Analysis ● Price is testing the confluence of the blue corrective channel floor, the long‑term rising‑channel base and the 1.11 support, replicating April’s launch point. ● A close above the blue channel roof (~1.127) would confirm a break and target the mid‑channel 1.134 resistance, then the supply zone / upper rail near 1.140; bias is invalidated on a sustained close below 1.11. 💡 Fundamental Analysis ● US initial claims jumped to 252 k (5‑week high) while two FOMC voters signalled readiness to cut if labour softens, pressuring yields and the USD. ● ECB’s Lane said inflation is “on track” but emphasised data‑dependence beyond June, tempering easing expectations and underpinning euro rates. ✨ Summary Channel‑base retest + weaker US data versus cautious ECB keep the short‑term long in play: objectives 1.134 → 1.140, cut if < 1.11. ------------------- Share your opinion in the comments and support the idea with like. Thanks for your support!
Long
by DeGRAM
1
EURUSD INTRADAY oversold bounce supported at 1.1100EUR/USD remains in a long-term bullish trend, but price action has been consolidating sideways since reaching the recent swing high on April 21, 2025. The key support level to watch is 1.1100. This is the current swing low and a critical level for the bullish structure to hold. If the pair pulls back and finds support here, a rebound could lead to upside targets at 1.1275, then 1.1356, and eventually 1.1460 over the longer term. However, if the price breaks below 1.1100 and closes below that level on the daily chart, the bullish outlook would be invalidated. In that case, further downside could follow, with 1.1030 as the next support, and then 1.0990. In conclusion, EUR/USD remains bullish above 1.1100, but a confirmed break below that level would shift the outlook to bearish in the short term. This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
by TradeNation
Euro H4 | Rising into an overlap resistanceThe Euro (EUR/USD) is rising towards an overlap resistance and could potentially reverse off this level to drop lower. Sell entry is at 1.1263 which is an overlap resistance that aligns with the 38.2% Fibonacci retracement. Stop loss is at 1.1395 which is a level that sits above the 61.8% Fibonacci retracement and a multi-swing-high resistance. Take profit is at 1.1081 which is an overlap support that aligns close the 61.8% Fibonacci retracement. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (tradu.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (tradu.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Global LLC (tradu.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to Tradu (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of Tradu and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of Tradu or any form of personal or investment advice. Tradu neither endorses nor guarantees offerings of third-party speakers, nor is Tradu responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Short
by Tradu
Hammer Candlestick: Meaning and SignalsHammer Candlestick: Meaning and Signals Technical analysis is a commonly used approach in the financial markets. It involves studying historical price data to make informed trading decisions. Among the various tools and formations employed in technical analysis, the hammer candlestick pattern stands out as a powerful tool. This article will delve into the meaning of the hammer candlestick pattern and explain how traders can interpret it on a forex, stock, and crypto* price chart. What Is a Hammer Candle? A hammer is a candlestick that is found on trading charts. It occurs at the end of a downtrend and acts as a bullish reversal signal. To identify a bullish hammer candle on a price chart, traders do the following: - Look for a significant downward movement: They begin by searching for a notable decline in an asset’s price. - Observe the candle shape: The setup is characterised by a small body near the top of the candle and a long lower shadow. The lower shadow must be at least two times the length of the body. The colour of the candle doesn’t matter, but if it’s a green hammer candlestick, meaning it closed higher than it opened, the signal may be stronger. - Analyse the context: Traders usually look for areas of support nearby as they may increase the setup's reliability. Bullish Hammer Pattern: Trading Rules Here are the common steps traders take when trading with a hammer: - Confirm validity: Traders ensure that the hammer meets the criteria discussed earlier, such as a significant market decline followed by a candle with a small real body near the top and a large lower wick. - Determine the entry point: Once the bullish hammer candlestick is confirmed, traders identify an appropriate entry point. Candlesticks don’t provide specific entry points. However, traders usually wait for the subsequent bar to close above and enter the trade if the market moves higher. - Set stop-loss and take-profit levels: Traders place a stop-loss order below the low of the hammer to potentially limit risks. Traders determine a suitable take-profit level based on their trading approach, such as at the nearest resistance level or in accordance with the risk/reward ratio. Trading Example A trader spots a hammer on the hourly chart of the EURUSD pair. They wait for the candle to close above the hammer to enter the market. Their stop loss is below the hammer’s lower shadow, with the take profit calculated in accordance with the 1:2 risk/reward ratio. How Can You Confirm the Hammer Candlestick? Confirming the hammer candlestick pattern enhances the reliability of trading decisions. Beyond its basic identification, several techniques and indicators help validate its potential bullish reversal signal. - Volume Analysis: A significant increase in trading volume during the formation of the hammer candlestick suggests stronger confirmation. Higher buying volume indicates heightened interest and participation, reinforcing the potential reversal. - Support Levels: The presence of a strong support level near the hammer adds credibility to the pattern. Support levels act as psychological barriers where buying interest may increase, boosting the likelihood of a reversal. - Subsequent Candlesticks: Observing the price action of the next few candlesticks after the hammer can provide further confirmation. A bullish candle closing above the high of the hammer enhances its validity. -Double Hammer Pattern: While rare, a double hammer candlestick pattern where two candles appear consecutively can offer strong confirmation of a bullish movement. - Trend Indicators: Utilising trend indicators like moving averages can help confirm the hammer. A rising moving average confirming the upward trend or a hammer forming in line with a broader trend adds weight to the potential reversal. - Divergence: Identifying divergence between the price and momentum indicators, such as the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD), can strengthen the pattern's reliability. Hammer and Other Candlestick Patterns Let’s compare the hammer to other candle formations you can spot on price charts. Inverted Hammer The inverted hammer is similar to the hammer but has a different appearance. It is characterised by a small body near the bottom of the candle and a long upper wick. The inverted hammer signals a potential bullish reversal as buyers start to gain strength and push the market up. The small body and small lower shadow reflect the rejection of lower prices, suggesting a shift in market sentiment from bearish to bullish. Doji In contrast to the red or green hammer candlestick pattern, the doji features a small real body with equal or close opening and closing prices and long upper and lower wicks. It represents market indecision, where neither buyers nor sellers have gained a clear advantage. While the hammer is potent during the downtrend, the doji can occur after both uptrends and downtrends, and it signals market consolidation or a potential trend reversal. Shooting Star The shooting star formation emerges at the top of an uptrend and suggests a potential bearish reversal. It is identified by a small real body near the bottom of the candle and a long upper wick, implying a rejection of higher prices and potential exhaustion of buying pressure. Hanging Man The hanging man emerges after an uptrend and suggests a potential bearish reversal. It resembles the hammer with a small real body near the top and a long lower wick, but the crucial difference is that it occurs in an uptrend. The hanging man implies that sellers are starting to exert influence, potentially leading to a reversal in the market. Limitations of the Hammer Pattern While the hammer is a valuable tool in technical analysis, it is not without its limitations. - False Signals: It can sometimes produce false signals, leading to premature or incorrect trade entries. In certain market conditions, such as strong downtrends or highly volatile environments, the hammer may be less effective. Its success rate can vary across different assets and market scenarios. - Dependence on Confirmation: The reliability of the hammer significantly depends on additional confirmation tools and indicators. Without these, alone it might not provide sufficient confidence for trading decisions. - Short-Term Nature: The hammer primarily signals short-term price movements and typically can’t be used to anticipate medium or long-term price trends. The Bottom Line Successful implementation of the hammer formation requires experience, practice, and the use of additional technical analysis tools and indicators. Traders never rely solely on the hammer’s signals but integrate it into a comprehensive trading strategy. FAQ What Is a Hammer Candlestick? A hammer is a specific setup found in charts that indicates a potential reversal to an uptrend. It is formed when a financial instrument opens at a certain price and experiences a significant decline during the trading period but eventually rallies back and closes near its opening price. Is a Hammer Candlestick Pattern Bullish? Yes, the hammer candlestick pattern is generally considered bullish. It signifies a potential trend reversal after a downtrend, as buyers enter the market and drive the price higher from its lows. The long lower shadow indicates that the buying pressure is strong and can potentially lead to further upward movement in the market. Can a Hammer Candle Be Bearish? A hammer candle is generally considered a bullish reversal signal, signalling a potential upward price movement after a downtrend. There is no bearish hammer. If the market continues to move lower after it forms, it just means that bearish market conditions were stronger and didn’t allow buyers to change market sentiment. What Is the Hammer Candle Rule? The hammer candle rule states that it must occur after a significant downtrend, have a small real body near the top of the candle, and feature a long lower shadow at least twice the length of the body. This pattern indicates a potential bullish reversal if confirmed by subsequent price action. What Is the Hammer Strategy? The hammer trading strategy involves identifying a candlestick at the end of a downtrend, confirming its validity with additional indicators or signals, and then entering a long position. Traders typically set stop-loss orders below the hammer's low and determine take-profit levels based on risk/reward ratios or nearby resistance levels. *Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Education
by FXOpen
1
EURUSD SHORT FORECAST Q2 W20 D14 Y25EURUSD SHORT FORECAST Q2 W20 D14 Y25 Professional Risk Managers👋 Welcome back to another FRGNT chart update📈 Diving into some Forex setups using predominantly higher time frame order blocks alongside confirmation breaks of structure. Let’s see what price action is telling us today! 💡Here are some trade confluences📝 ✅Weekly order block rejection ✅Gap fill ✅Intraday 15' order blocks ✅Tokyo ranges to be filled 🔑 Remember, to participate in trading comes always with a degree of risk, therefore as professional risk managers it remains vital that we stick to our risk management plan as well as our trading strategies. 📈The rest, we leave to the balance of probabilities. 💡Fail to plan. Plan to fail. 🏆It has always been that simple. ❤️Good luck with your trading journey, I shall see you at the very top. 🎯Trade consistent, FRGNT X
Short
by JCFRGNT
EURUSD : This also applies to BTCUSDThe 'trendline' had spoken, but what about the harmonic pattern? I do NOT believe in trendlines, so the reason for me is that price reacts to 1.1292 because of something else. However, reacting to this is a very strong indication of price weakness. Now price is at B: a) If price bounces from B, it would likely move to 1.0835 b) If price bounces from C, it would likely retest D Do also take note of bond yield which is a bit crazy nowadays. This is likely a test for the $. The US30Y is near 5% - if it goes above 5.25%, then we can expect something to break. $ would be at risk. Good luck.
Short
by i_am_siew
1
EURUSD Technical Analysis.This chart from TradingView shows the EUR/USD pair on the 1-hour timeframe. Key Observations: 1. Current Price: The price is around 1.10784, with a significant drop indicated (-1.49%). 2. Support Zone: There is a horizontal support line near the current price, suggesting a potential bottom or area of buying interest. 3. Resistance Zones: An intermediate resistance around 1.11826. A higher resistance near the 1.12000 level, marked as a potential target. 4. Bullish Reversal Pattern: The chart shows a potential W-shaped pattern forming, indicating a possible reversal from the current downtrend. 5. Projection: The arrow and target indicate that if the price breaks the intermediate resistance, it may aim for the 1.12000 area. Trading Insight: This setup suggests a bullish reversal after the recent sell-off. A break and close above the intermediate resistance around 1.11826 could confirm a move toward the next target. However, if the price fails to break the resistance, a continuation of the downtrend may occur. Would you like an analysis of potential trading strategies based on this chart?
Long
by XAUUSD_EXPERT_Team
EUR/USD Descending Triangle Break - Lower-lowsEUR/USD bears took another step forward to start the week and at this point the structure on the four-hour chart remains clean, with a fresh lower-low to go with the recent build of lower-highs. The weekly chart looks similarly toppy as the pair is now working on its fourth consecutive weekly loss, following the shooting star formation that showed up in late-April. After failing at 1.1500, the pair has already pushed down for a test of the 1.1100 handle. And given the support-turned-resistance at 1.1275, we have another item of impact from the Fibonacci sequence produced by the 2021-2022 major move. This would place emphasis on the 1.0943 level, which itself was resistance-turned-support in March and April. This could function as a bigger picture support target for bearish continuation scenarios. The question now is whether bears will defend the 1.1200 handle, or perhaps even a re-test of 1.1275, which could remain as a valid lower-high given that the Friday high printed at 1.1293. For next support the 1.1000 handle seems obvious but there's also a Fibonacci level (from another sequence) around 1.1046. - js
by FOREXcom