EURUSD

Apr 13

Hello Traders! 👋

What are your thoughts on EURUSD?

The EUR/USD daily chart (1D) shows the pair approaching a critical junction after a recent relief rally. Here is the breakdown of the current technical structure:
The price is currently testing a significant Green Zone that previously acted as a strong support base. After the breakdown in March, this area has now flipped into a Supply Zone (Resistance). This zone is established between 1.1747 and 1.1825.
The technical weight of this resistance is reinforced by the Fibonacci retracement levels:
* 0.5 Level: Resting at 1.1747.
* 0.618 Level (The Golden Ratio): Resting at 1.1825.
The fact that these levels align perfectly with the structural resistance increases the probability of a price rejection in this area.
The price is trading below the primary upward trendline . The current move higher appears to be a technical pullback to retest the breakdown point. Until the price climbs back above this trendline and the supply zone, the medium-term bias remains bearish.
Potential Scenarios:
* Bearish Scenario (Preferred): If the price fails to break above 1.1825 and shows reversal price action , we can expect a continuation of the downtrend. The primary target for this move would be the previous lows near 1.1450.
* Bullish Scenario: A daily candle close with strong momentum above 1.1825 would invalidate the bearish setup. This could lead to a shift in market structure, targeting the 1.2000 psychological level.
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Apr 15

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