Euro can drop from wedge, breaking support level

Hello traders, I want share with you my opinion about Euro. The price previously started a confident upward movement, breaking out from the buyer zone around 1.1075 and forming an upward wedge pattern. As the trend continued, EUR pushed through the support area and traded inside the wedge, showing multiple bounces from the support line. Eventually, the pair reached the resistance line at the top of the wedge and then reversed. After a short correction, it tried to rebound again but failed to create a new high. The market then pulled back into the support area 1.1455 - 1.1410 and is now testing that level once more. Currently, the Euro is trading just above the support area, and we may see a short-term rebound from here. However, given the overall structure, I expect the price to break the support level and exit the wedge pattern to the downside. In my opinion, this breakout will initiate a strong bearish wave, targeting the 1.1250 points, which is where I’ve set my TP 1. Given the pattern structure, recent lower highs, and the weakening bullish momentum, I remain bearish and anticipate further decline once support is broken. 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.

LegionQ8

🔷Join my telegram channel for free - bit.ly/4g4wovR

💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8

ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq

Also on:

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.

LegionQ8

Also on: