Lingrid | EURUSD reached SUPPLY zone

The price perfectly fulfilled my last idea. It hit the target. The price reached the supply zone, where we had massive sell offs. EURUSD moved higher after breaking through the range zone. It is testing the key resistance at 1.08000 and channel boundery, which is essentially a downward trendline. The price will most likely move sideways since there is no news coming out today. The market formed a long tail, which represents sell pressure. I expect a pullback from the resistance and channel border if we get a confirmation, like a fake breakout. My goal is the support level around 1.07200

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

تعليق:

The market formed an inside bar formation on a daily timeframe, indicating a price squeeze. EURUSD bounced off the key resistance zone and is currently moving sideways. The price was rejected twice at the level 1.07900 above. I think the market will continue consolidating because it is expected to be quiet this week due to the absence of high-impact news. I expect the market to take liquidity above the previous day high, then move the lower level down to 50% of the last week candle. My goal is the support level around 1.07220.

تعليق:

The price perfectly fulfilled my last idea. It fell from resistance following the doube top. On the daily timeframe, EURUSD bounced off the resistance by forming wicks that indicate a level rejection. I think the market might pull back to the consolidation zone and then move downward. However, if the market returns to its range zone, there is a likelihood that the price will continue moving sideways. I expect a bearish move since the price broke through the range if the market rejects the resistance. My goal is to support level 1.07210