Lingrid | EURUSD ranging MARKET. Potential BEARISH move

The price has recently reached a strong resistance zone, noting previous sell-offs in that area. It appears that we may see more sideways movement as summer approaches. Looking at the EURUSD chart, we can see lower highs and higher lows forming a triangular pattern. And the market is currently testing the key resistance at 1.08000 and the channel boundary. On the weekly timeframe, there is an inside bar formation, indicating potential for a fake breakout of the previous week's highs or lows that can lead to momentum. If the market breaks and closes below the previous week's low, we can anticipate a move to lower levels. My target is the support level around 1.07000.


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Comment:

The market continued to push higher, reaching the entry area after breaking through its previous daily high. However, it encountered significant resistance, which led to a pullback. If the market retests this level above, it is likely to bounce back. It's worth noting that on the 4H timeframe, we're seeing a bearish divergence, which could potentially repeat itself on the 1H timeframe if the price moves upward. I expect a pullback from this resistance and a channel border, and potentially retesting the strong levels below 1.07500. My target is the support level around 1.07600.