The euro has broken out of its ascending channel and is now showing signs of a bearish trend reversal.
🔍 Technical Breakdown:
Clear break below the channel support, confirming momentum shift.
Retest expected around the 1.1600 supply zone, a key area of prior structure.
If rejection holds, next bearish leg could target the 1.1450 demand zone.
🧠 Market Outlook:
This setup reflects a classic break → retest → continuation structure, with sellers likely to defend the supply zone aggressively. A lower high near 1.1600 could be the trigger for downside continuation.
Bias: Bearish below 1.1600
Key Support: 1.1578 (interim) and 1.1451 (major)
Confirmation Needed: Bearish rejection candle at retest zone
🔍 Technical Breakdown:
Clear break below the channel support, confirming momentum shift.
Retest expected around the 1.1600 supply zone, a key area of prior structure.
If rejection holds, next bearish leg could target the 1.1450 demand zone.
🧠 Market Outlook:
This setup reflects a classic break → retest → continuation structure, with sellers likely to defend the supply zone aggressively. A lower high near 1.1600 could be the trigger for downside continuation.
Bias: Bearish below 1.1600
Key Support: 1.1578 (interim) and 1.1451 (major)
Confirmation Needed: Bearish rejection candle at retest zone
Trade active
Related publications
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.
Related publications
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.