Euro’s current situation doesn’t look great — we’re clearly seeing strong selling pressure across the board.
Price has now reached the block zones near 1.1600, and I want to break down what this area means to me.
The lower pivot of the 1.1600 zone was created after the 50% level of the previous bullish leg was consumed — which is typical in many bullish trends. Based on that, we expected a move toward 1.1800 to break the structure and continue the uptrend.
However, the recent bullish move lacked strength, which became quite clear during the last upward leg. And now, after that weak rally, we’re witnessing a sharp and aggressive selloff.
This reaction weakens the 1.1600 block in my eyes — and I’m now watching 1.1500 as the more probable target. It’s a major price level and also aligns with a bank-level midline zone.
In my view, it’s still too early to buy. I’d want to see price range and confirm before looking for longs.
That said, this area could be a good place to partially exit short positions and lock in some profits.
🔁 This analysis will be updated whenever necessary.
Disclaimer: This is not financial advice. Just my personal opinion!!!
Price has now reached the block zones near 1.1600, and I want to break down what this area means to me.
The lower pivot of the 1.1600 zone was created after the 50% level of the previous bullish leg was consumed — which is typical in many bullish trends. Based on that, we expected a move toward 1.1800 to break the structure and continue the uptrend.
However, the recent bullish move lacked strength, which became quite clear during the last upward leg. And now, after that weak rally, we’re witnessing a sharp and aggressive selloff.
This reaction weakens the 1.1600 block in my eyes — and I’m now watching 1.1500 as the more probable target. It’s a major price level and also aligns with a bank-level midline zone.
In my view, it’s still too early to buy. I’d want to see price range and confirm before looking for longs.
That said, this area could be a good place to partially exit short positions and lock in some profits.
🔁 This analysis will be updated whenever necessary.
Disclaimer: This is not financial advice. Just my personal opinion!!!
Trade closed: target reached
As expected, EUR/USD reached the 1.1500 target zone under strong selling pressure. After tapping into that level and consuming the available orders, price action has calmed down slightly.However, it’s still too early to consider any long positions. I believe the market needs some time to rest and reset.
Until tomorrow’s FOMC interest rate decision, EUR/USD will likely remain range-bound between 1.1500 and 1.1450.
Let’s stay patient and wait for more clarity after the news.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.