Looking at the chart, EURUSD has recently delivered a strong breakout and continues to form higher highs after each correction. Although a few short-term profit-taking candles have appeared, price is still holding above the breakout zone, showing that buyers remain in control of the trend.
What stands out is that each pullback has been relatively shallow, with buying pressure returning quickly. This suggests that the current selling pressure is mainly driven by profit-taking, while larger capital flows have not yet shown signs of leaving the market.
My preferred approach is to look for buying opportunities if EURUSD continues to hold the current short-term support zone and produces a bullish confirmation signal. The next target is 1.1584, which represents an important resistance level within the current structure.
If price breaks below the newly formed support zone and closes beneath it, the bullish scenario will no longer be valid, as the higher high–higher low structure would be broken.
This is only my personal view based on technical analysis. Wishing you successful trading!
What stands out is that each pullback has been relatively shallow, with buying pressure returning quickly. This suggests that the current selling pressure is mainly driven by profit-taking, while larger capital flows have not yet shown signs of leaving the market.
My preferred approach is to look for buying opportunities if EURUSD continues to hold the current short-term support zone and produces a bullish confirmation signal. The next target is 1.1584, which represents an important resistance level within the current structure.
If price breaks below the newly formed support zone and closes beneath it, the bullish scenario will no longer be valid, as the higher high–higher low structure would be broken.
This is only my personal view based on technical analysis. Wishing you successful trading!
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