EURUSD Long: Rebound Attempt From Key Demand Zone

Mar 11

Hello traders! Here’s my technical outlook based on the current EURUSD (4H) chart structure. Price previously moved inside an ascending channel, forming higher highs and higher lows. After a breakout above the channel, EURUSD formed a pivot high and quickly reversed, starting a bearish correction under a descending supply line. During the decline, price created several range consolidations, showing temporary balance while the market moved lower.

Currently, the market is trading above the demand zone while also respecting a rising demand trend line, creating a technical confluence where buyers may attempt to regain short-term control.

My primary scenario remains cautiously bullish as long as EURUSD holds above the 1.1590 demand zone and continues respecting the ascending demand line. A sustained reaction from this support area could drive price back toward the 1.1670 supply zone, which represents the next key resistance level and the nearest upside target. Manage your risk!

Mar 12

Trade active

So far we see a situation where the price has broken through a symmetrical triangle. However, this could be a fake breakout as before. So let's look at the market situation.

Mar 13

Trade closed manually

The euro went even lower, the movement continues!