Will EURUSD Reverse or Continue Its Bearish Cycle?OANDA:EURUSD Multi-Timeframe Analysis (Weekly & 4H)
After conducting a top-down analysis, we observed the price trading below the 9, 21, 50, and 200 SMAs on the 4H chart, confirming a bearish trend. Currently, the price is stalling and consolidating within a bearish flag pattern, signaling a potential continuation.
However, just below this flag, we have a strong weekly support zone and a pivotal point, serving as a solid floor to halt further decline. We believe the price is likely to reverse from this area.
Around this zone, we recommend validating the reversal with chart patterns to enhance probability, potential profits, and setup accuracy. Once confirmed, a bullish reversal could be triggered, aiming for our price target of 1.08100.
Bearish Scenario:
If the price continues its bearish momentum and breaks below the golden support zone, the next targets are:
• Weekly Support: 1.03760
• Ultimate Weekly Support: 1.02540
Key Levels to Watch:
• Price Target: 1.08100
• Strong Weekly Support: 1.04980
• Weekly Support Zone
• Weekly Support: 1.03760
• Weekly Ultimate Support: 1.02540
Always follow your risk management plan for consistent success.
Good luck and happy trading! 🚀
