We've got an enticing EUR/USD setup on the 1-hour timeframe that deserves your attention. Here's the lowdown:
📌 Technical Analysis Highlights 📌 📉 Bearish Breakout: After a period of range-bound trading (or a bearish flag, depending on your perspective), the price has decisively broken below a key support level, which has now flipped into a formidable resistance. This signals that bulls have been trapped, allowing the bears to regain control. The trend remains bearish
📈 Price Action Insight: With the balance tipping in favor of bears, I anticipate an escalation in bearish momentum, potentially leading to a sharp price drop. This presents an optimal entry opportunity for selling.
🎯 Trade Strategy 🎯 Given these compelling technical signals, it's time to consider a short position on EUR/USD. Look to enter the market with confidence.
📉 Take Profit Targets 📉 1️⃣ First Target: 1.06650 2️⃣ Second Target: 1.06250 3️⃣ Ultimate Target: 1.05900
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I mean, on the H4 falling channel.you can see there is a trendline that is still holding as support and it has to be broken . After all the bottom of EU is around 1.06500 why would anyone risk selling at this point