Pair: EUR/USD (or your specific pair - please adjust if needed)
Technical Breakdown
After a period of consolidation in early May, followed by a decisive pullback, price action has transitioned into a strong bullish structure forming a well-defined parallel ascending channel.
We are currently seeing momentum continue to build, with price breaking above a key intermediate resistance level at 1.13427. The market has respected this upward channel consistently, suggesting further bullish potential
Key Levels to Watch:
Support Zone: 1.12783 – 1.13102
Current Resistance: 1.13427
Next Targets
1.14249 (First significant resistance)
1.15101 (Breakout target)
1.16023 (Extended target if bullish momentum continues)
Trade Setup
There are two potential scenarios
1. Bullish Continuation
Watch for a clean break and retest of 1.14249 as a support flip
If confirmed, this could propel price toward 1.15101 and potentially 1.16023
2. Minor Pullback
Price may retrace back toward 1.13427 or even lower to the channel support before resuming upward.
Look for bullish confirmations (e.g, bullish engulfing or strong rejection candles) at those levels for entry.
Conclusion
This setup provides a favorable risk-to-reward opportunity for bullish traders. Always manage risk properly and wait for confirmation at key levels
Technical Breakdown
After a period of consolidation in early May, followed by a decisive pullback, price action has transitioned into a strong bullish structure forming a well-defined parallel ascending channel.
We are currently seeing momentum continue to build, with price breaking above a key intermediate resistance level at 1.13427. The market has respected this upward channel consistently, suggesting further bullish potential
Key Levels to Watch:
Support Zone: 1.12783 – 1.13102
Current Resistance: 1.13427
Next Targets
1.14249 (First significant resistance)
1.15101 (Breakout target)
1.16023 (Extended target if bullish momentum continues)
Trade Setup
There are two potential scenarios
1. Bullish Continuation
Watch for a clean break and retest of 1.14249 as a support flip
If confirmed, this could propel price toward 1.15101 and potentially 1.16023
2. Minor Pullback
Price may retrace back toward 1.13427 or even lower to the channel support before resuming upward.
Look for bullish confirmations (e.g, bullish engulfing or strong rejection candles) at those levels for entry.
Conclusion
This setup provides a favorable risk-to-reward opportunity for bullish traders. Always manage risk properly and wait for confirmation at key levels
Related publications
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.
Related publications
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.