EURUSD initially dropped below the previous support level but quickly bounced back, closing above the psychological level of 1.11000. This swift recovery suggests strong buying interest at that level. From a broader perspective, the downward channel appears to be a flag pattern, which often indicates a potential breakout. I believe the market is poised for a breakout from this channel, with a likely retest of the resistance levels ahead. On the weekly timeframe, the formation of a long-tailed bar indicates potential trend continuation, reinforcing the bullish outlook. Given that the major trend remains bullish, I anticipate further movement to the upside as the market continues to build momentum. My target is resistance zone around 1.11940Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Trade closed: target reached
Target zone reached
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🌎WebSite: lingrid.org
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.
💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
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.