EUR/USD Price Action Suggests Temporary Bearish Shift

Apr 13

📉 The chart shows EUR/USD forming a potential bearish correction after a strong bullish move within a rising channel. Price respected the trendline with higher highs and higher lows, confirming upward momentum. An earlier inverse head and shoulders pattern supported the bullish continuation. However, recent price action shows rejection near a key resistance zone, indicating weakening buying pressure. The market is now showing signs of a pullback, with price struggling to maintain higher levels. If momentum shifts further, a deeper retracement could follow as sellers gain control. The structure suggests a possible short-term decline before any continuation higher.
🎯 Targets:
First Target: 1.16648
Second Target: 1.16384
Third Target: 1.16067

If you found this XAUUSD analysis helpful, don’t forget to LIKE 👍 and COMMENT 💬!

Apr 13

Trade active