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EURUSD is trading within a clear consolidation range on the 4-hour frame, with both the blue support area and the red resistance area being strongly respected.
Currently, the price is approaching an important support area, and the previous move has witnessed several rallies, making it a sensitive area that could push the price towards resistance again.
– Bullish scenarios (weighted by support levels)
If the price sustains in the blue zone and displays a positive reversal candle, we expect the price to gradually move upward towards the red resistance zone near 1.6320.
– Bearish scenario (if support is broken)
A clear breakout and close below the blue zone would change the short-term structure and open the way for further declines before any new attempts to rise.
🔑 Conclusion
As long as support holds, we will look for short-term buying opportunities until major resistance levels are reached.
Do you anticipate a rebound from support? Or is a break coming? Share your views with me👇
⚠️This analysis is for educational purposes only and is not a buying or selling recommendation.
Tickmill Precision Trading ~
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