HelenP. I Euro can reach resistance zone and then drop

Hi folks today I'm prepared for you Euro analytics. If we look at the chart, we can observe a mature uptrend that has been supported by a major ascending trend line for an extended period. However, the momentum of this trend appears to be waning, as evidenced by the price's recent failure to establish new highs. The asset is currently trading below the critical resistance zone of 1.1770 - 1.1800, an area that has proven to be a significant barrier for buyers. My analysis for a short position is based on the condition of a final retest of this resistance zone. I believe the price will make another attempt to rally into this area, and a forceful rejection from this zone would serve as the confirmation that sellers are taking definitive control of the market. Such a rejection would likely initiate a strong downward impulse with sufficient momentum to break the long-standing ascending trend line, a pivotal event that would shift the market structure. Therefore, the primary goal for this bearish scenario is set at the 1.1600 level, a logical target for the price to reach after such a significant structural break. If you like my analytics you may support me with your like/comment ❤️

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FirstNameHelen

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FirstNameHelen

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