Hello traders! Here is my technical forecast based on the current chart structure of EURUSD (4H). EURUSD previously moved inside a descending channel, forming lower highs and confirming bearish pressure. After the decline, price found a bottom and began a recovery phase. Following this, EURUSD broke above the buyer zone near 1.1720, confirming it as a key support level. The market then shifted into an ascending structure! Currently, price is approaching the 1.1820 resistance (seller zone), where a reaction has already occurred, suggesting selling pressure. At the same time, the structure remains bullish as long as higher lows are maintained. As long as EURUSD remains below the 1.1820 resistance, the bearish scenario becomes valid. A confirmed rejection from this zone could push price down toward the 1.1720 support level (TP1). Please share this idea with your friends and click "Boost" 🚀
Trade active
We can see that the resistance line turned out to be a pretty strong zone. The price has gone down, so I expect another corrective move and then a decline to the target!Note
The Euro made an upward impulse, after which the price also impulsively went down. This breakout is fake, which may indicate weakness of buyers. Therefore, it remains to wait until the price drops to our target!Trade closed: target reached
We reached the 1.17300 mark which I think is a good result. This is within the support zone we have identified. Therefore we can see the reaction of buyers from this level!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.