Lingrid | EURUSD retest WEEKLY highs

The price is moving sideways after a bearish week.  On the weekly timeframe, EURUSD formed a doji candle, indicating indecision in the market. The price has broken through the important zone at 1.07000 - 1.072000. Most likely, the price is going to trend downward towards the demand zone 1.05000–1.05500. I think the market will make a pullback, taking liquidity above the previous week high and moving down. I expect the price to move sideways until tomorrow because tomorrow we have news that will move the market. My target is the support level at 1.05700



Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

The market formed a triangle formation on the 1H timeframe. EURUSD might create a potential fakey pattern, which is basically a fake breakout of the triangle pattern. The price is consolidating in anticipation of the upcoming news reports. I think the market will spike up, take the liquidity, and then move. If the price rejects the key resistance at 1.07000, then we can expect the price to move lower. I expect the price to move lower from the key resistance zone, potentially making new lows. My goal is the support level at 1.05750

Comment:

The price perfectly fulfilled my previous idea. EURUSD tapped the entry zone, then rebounded. It is testing a strong resistance zone, which is above the previous week's highs. I think the market might move lower to retest the middle of the range, which usually acts as support and resistance. The price tested the channel twice and failed to make higher highs, which itself indicates the bulls are running out of breath. I expect the price to move lower from the key resistance zone. My goal is the support level at 1.067500

Trade closed: target reached:

The price pulled back and reached target zone