Lingrid | EURUSD complex PULLBACK from RESISTANCE

Following the recent news release, the market experienced a decline, breaking through the triangle pattern and moving towards new lows. EURUSD is currently forming a complex pullback from the resistance zone, with the price approaching the strong support level. Notably, the level has been tested twice before, only to be met with strong resistance. If the market drops further, we may be witnessing a trend shift, potentially leading to a period of consolidation or a massive sell-off. Since the trend is still bullish, I am looking for a buying opportunity at the support level around 1.08000, potentially triggered by rejection candles such as long-tailed bars or engulfing candles. My goal is the resistance zone at 1.08900.


Traders, if you like this idea or have your own opinion on this matter, write in the comments. I will be glad 👩‍💻

Comment:

The market has reached the crucial psychological level of 1.08000. As we can see, the price has formed a double bottom, positioned right above the key support level. On the 4H timeframe, the price action is showing small candles, indicating a loss of momentum, despite the recent impulsive move. Looking left at this level, we can observe that it has been respected numerous times, with the market bouncing off it and subsequently forming trending moves. Given this context, I think that the market may be poised for an upward move, which could result in a doji candle on the weekly timeframe. My target is resistance zone at 1.083900.

Trade closed: target reached:

Perfectly played out 🤑