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.


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

Komentar:

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.