Chart Overview:
The EURUSD 4-hour chart displays a clear bullish bias, trading within a well-defined ascending channel. After making new highs, price is now retracing to test crucial support, presenting a potential trend continuation opportunity.
Trend & Structure:
Since April, EURUSD has maintained a strong uptrend, consistently respecting an ascending channel. An early May correction saw an "internal break," but a subsequent "MSS" (Market Structure Shift) confirmed the bullish trend's resumption, pushing price to a new local high at 1.16321 and above.
Current Price Action & Immediate Support:
Price is currently undergoing a healthy retracement from its recent peak. The primary focus is the "Immediate Support Area" between 1.14416 and 1.14663. This zone is significant due to a confluence of factors:
The 0.5 & 0.618(Golden Ratio) and 0.71 Fibonacci retracement levels of the latest bullish swing.
Prior resistance that has potentially flipped into support. The lower boundary of the overarching ascending channel. Below this, a "Key Level" around 1.1100-1.1150 is identified as a deeper, secondary support.
Potential Scenarios & Outlook:
Bullish Continuation: A strong bounce and confirmation from the "Immediate Support Area" would signal renewed buying pressure. This would likely see price target the recent high (1.16321) and the upper channel boundary, resuming the uptrend.
Bearish Rejection: A decisive break down below the "Immediate Support Area" and the ascending channel's lower boundary would invalidate the immediate bullish setup, potentially leading to a test of the "Key Level."
Conclusion:
EURUSD is at a pivotal point within its ongoing bullish trend. Traders should closely monitor price action at the "Immediate Support Area." A successful hold and rebound here would reinforce the bullish outlook, while a clear break below would warrant caution and re-evaluation.
Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.
The EURUSD 4-hour chart displays a clear bullish bias, trading within a well-defined ascending channel. After making new highs, price is now retracing to test crucial support, presenting a potential trend continuation opportunity.
Trend & Structure:
Since April, EURUSD has maintained a strong uptrend, consistently respecting an ascending channel. An early May correction saw an "internal break," but a subsequent "MSS" (Market Structure Shift) confirmed the bullish trend's resumption, pushing price to a new local high at 1.16321 and above.
Current Price Action & Immediate Support:
Price is currently undergoing a healthy retracement from its recent peak. The primary focus is the "Immediate Support Area" between 1.14416 and 1.14663. This zone is significant due to a confluence of factors:
The 0.5 & 0.618(Golden Ratio) and 0.71 Fibonacci retracement levels of the latest bullish swing.
Prior resistance that has potentially flipped into support. The lower boundary of the overarching ascending channel. Below this, a "Key Level" around 1.1100-1.1150 is identified as a deeper, secondary support.
Potential Scenarios & Outlook:
Bullish Continuation: A strong bounce and confirmation from the "Immediate Support Area" would signal renewed buying pressure. This would likely see price target the recent high (1.16321) and the upper channel boundary, resuming the uptrend.
Bearish Rejection: A decisive break down below the "Immediate Support Area" and the ascending channel's lower boundary would invalidate the immediate bullish setup, potentially leading to a test of the "Key Level."
Conclusion:
EURUSD is at a pivotal point within its ongoing bullish trend. Traders should closely monitor price action at the "Immediate Support Area." A successful hold and rebound here would reinforce the bullish outlook, while a clear break below would warrant caution and re-evaluation.
Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.
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.
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.