On EURUSD, we have a well-established downtrend with the price reaching a supply zone around 1.1020 on Friday. After the Non-Farm Payrolls (NFP) release, there was a false breakout to the upside, which was quickly reversed, leading the price to retrace. In fact, the market has a strong long-term bullish trend, but on the H1 timeframe, it's evident that it's currently retracing towards the trendline zone. It could either touch the trendline and bounce back up for a long position or possibly break through it and retest before continuing downwards for a short position. The critical level of interest is 1.0960, and as a result, the price could potentially reach and touch the previous lower low in the zone around 1.09. Let me know your thoughts on this analysis. Have a great day! Regards, Nicola, CEO of Forex48 Trading Academy.
📈 Nicola | EdgeTradingJourney
Documenting my path to $1M in prop capital through real trading, discipline, and analysis.
Documenting my path to $1M in prop capital through real trading, discipline, and analysis.
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.
📈 Nicola | EdgeTradingJourney
Documenting my path to $1M in prop capital through real trading, discipline, and analysis.
Documenting my path to $1M in prop capital through real trading, discipline, and analysis.
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.