Euro can rebound up from support area to 1.1860 points

2 days ago

Hello traders, I want share with you my opinion about Euro. In this chart, we can see how the price has been moving confidently inside an upward channel after breaking out of a wedge formation. Previously, price consolidated within a narrowing wedge pattern above the buyer zone and broke upward, showing strong bullish momentum. That breakout initiated the current uptrend and led to the formation of a new support area. Now, price is pulling back from the resistance line of the channel and approaching this support area, which also coincides with the support line of the channel. This confluence increases the probability of a bullish reaction in this region. The structure suggests that buyers may step in around this level, preventing a deeper retracement. If the pair bounces off the support zone, I expect a continuation of the uptrend toward the upper boundary of the channel. For that reason, I set my TP at 1.1860 points, almost aligning with the resistance line of the channel. Given the current price action, the bullish structure, and strong reaction levels, I remain bullish and anticipate a rebound followed by further growth toward my target. Please share this idea with your friends and click Boost 🚀

Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.

yesterday

Trade active

Great! Price started to grow, I expect that it will continue to move up and reach my TP.

1 hour ago

Trade closed: target reached

Nice, price started to grow inside upward channel.

LegionQ8

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LegionQ8

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