Eurusd - MTF Analysis
Test of support: @ 1.16642, a slight breakout occurred, which could be interpreted as a stop-loss hunt. Additionally, there was a trendline breakout.
Expectation: A potential pullback to around 1.11873, which is a resistance level that coincides with a double top pattern. This could also serve as a retest of the previously broken trendline.
Continuation: After the pullback and retest, the uptrend could potentially resume, with a target of approximately 1.218628.
Test of support: @ 1.16642, a slight breakout occurred, which could be interpreted as a stop-loss hunt. Additionally, there was a trendline breakout.
Expectation: A potential pullback to around 1.11873, which is a resistance level that coincides with a double top pattern. This could also serve as a retest of the previously broken trendline.
Continuation: After the pullback and retest, the uptrend could potentially resume, with a target of approximately 1.218628.
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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.