The EUR/USD pair has been trading within a well-defined ascending channel for several weeks. Price recently tested a strong resistance zone near 1.15850 – 1.16000, which aligns with the upper boundary of the channel and a previously marked supply area.
Key observations:
The price action shows signs of rejection from the resistance zone with a potential double-top or fakeout pattern forming.
A projected bearish trajectory is marked, suggesting a possible break below the channel support.
Immediate bearish targets are set at key demand zones around 1.14500, 1.12500, and further down to 1.10500.
A large red arrow indicates the strong downside bias if the price confirms the breakdown.
Conclusion:
If EUR/USD fails to sustain above the 1.15850 resistance zone and breaks below the ascending channel, a strong bearish correction is anticipated. Traders should watch for confirmation of the breakdown before entering short positions.
Key observations:
The price action shows signs of rejection from the resistance zone with a potential double-top or fakeout pattern forming.
A projected bearish trajectory is marked, suggesting a possible break below the channel support.
Immediate bearish targets are set at key demand zones around 1.14500, 1.12500, and further down to 1.10500.
A large red arrow indicates the strong downside bias if the price confirms the breakdown.
Conclusion:
If EUR/USD fails to sustain above the 1.15850 resistance zone and breaks below the ascending channel, a strong bearish correction is anticipated. Traders should watch for confirmation of the breakdown before entering short positions.
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• Strategic Partnerships
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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.
Market Analyst | Forex Mentor | XAUUSD Specialist
Services Offered:
• VIP Signals
• 1-on-1 Mentorship
• Professional Forex Course
• Affiliate Program
• Strategic Partnerships
Link to Join
t.me/ZareeFxTradingSignals
Services Offered:
• VIP Signals
• 1-on-1 Mentorship
• Professional Forex Course
• Affiliate Program
• Strategic Partnerships
Link to Join
t.me/ZareeFxTradingSignals
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.