The direction and breakout described in EURUSD (4-hour timeframe):
As we have reached the middle-term-target this is also an important resistance at the moment, because of this fact we get the loading pressure that EURUSD currently shows in this area, therefore we can expect some more downside the next time as long as EURUSD stabilizes at support or falls more. The next significant support in the next structure is the once been resistance which is now support at the 1.1 level, it is also coherently the short-term-target which I encountered and was reached in the overall uptrend. Therefore this zone is building a coherent support-cluster together with the 800-EMA you can see in orange, adding these all together we have some good increasing likelihood for a bounce in this area.
Overall the current major uptrend isn't at its peak with the given information therefore there is still some room to move higher, this however needs to be confirmed properly. At first we need to see a stabilization in price at the support and after that a clear cross of the 1.114 level to move higher, when this happens and we do not get more pressure action which will move the price to the ground, the target which you see in my chart at 1.126 will be activated with a high possibility given. A clear break of the current resistance can be traded with a conservative entry, the more aggressive approach will be to enter a position when EURUSD touched in the support-cluster, traders should decide according to own risk-preferences.
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Information provided is only educational and should not be used to take action in the markets.