EURUSD Analysis 05/07/2023
EURO / US DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Ranging
Nearest Support Area = 1.08480-1.09235
Nearest Resistance Area = 1.10500-1.11000
Overall Bias = Long
Short Term Target = 1.10740-1.11000
Ideal Target = 1.12550-1.13000
Invalidation Level = 1.09400
Notes :
EURUSD seems to be in a major uptrend with price consistently making new Higher Highs & Higher Lows In Its Higher 1D Time Frame, but if we zoom in to it's H4 we can see price is mostly ranging and making a possible ascending triangle pattern.
Our 1st Main & "Ideal" Scenario is the black paths where price will continue its rally after making a new higher swing low and confirming its ascending triangle pattern with a nice break out above 1.11000, this scenario will be invalidated if price broke below 1.09400.
The 2nd "Worst Case" Scenario is the red paths where price could not confirm its ascending triangle pattern and instead broke below its last higher swing low invalidating the pattern & continuing its correction to its next major support zone around 1.08480-1.09235.
Major Trend = Uptrend
Minor Trend = Ranging
Nearest Support Area = 1.08480-1.09235
Nearest Resistance Area = 1.10500-1.11000
Overall Bias = Long
Short Term Target = 1.10740-1.11000
Ideal Target = 1.12550-1.13000
Invalidation Level = 1.09400
Notes :
EURUSD seems to be in a major uptrend with price consistently making new Higher Highs & Higher Lows In Its Higher 1D Time Frame, but if we zoom in to it's H4 we can see price is mostly ranging and making a possible ascending triangle pattern.
Our 1st Main & "Ideal" Scenario is the black paths where price will continue its rally after making a new higher swing low and confirming its ascending triangle pattern with a nice break out above 1.11000, this scenario will be invalidated if price broke below 1.09400.
The 2nd "Worst Case" Scenario is the red paths where price could not confirm its ascending triangle pattern and instead broke below its last higher swing low invalidating the pattern & continuing its correction to its next major support zone around 1.08480-1.09235.
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