📉 Overview:
The EUR/USD has recently approached a key resistance zone near 1.17726, showing signs of a potential rejection after a bullish rally. The price is currently hovering around 1.17468, forming a short-term bearish setup that could lead to a retracement or reversal.
⸻
⚙ Key Technical Zones:
• 🔼 Resistance: 1.17500 – 1.17726
Price was strongly rejected after testing this area. This level has historically acted as a supply zone.
• 🔽 Support: 1.15500 – 1.16000
This is a historically significant demand zone, where price previously consolidated and reversed.
• 🎯 Target Zone: 1.16308
Marked as a potential take-profit level based on prior price structure and volume profile imbalance.
⸻
🧠 Indicators & Tools:
• Bollinger Bands: Price touched the upper band in overbought conditions, suggesting a possible mean reversion.
• Volume Profile (VRVP): Indicates declining volume near resistance, pointing to weak buyer momentum.
• Price Action: Bearish engulfing candle and strong rejection wick at resistance, confirming selling pressure.
⸻
🧭 Market Bias:
📌 Short-Term Bearish
A short opportunity is forming based on the rejection from resistance and overextension of price.
⸻
🧩 Possible Scenario:
1. Breakdown below 1.17061 (mid-level support) could trigger acceleration to the downside.
2. 1.16500 and 1.16308 are ideal short targets before reevaluation for continuation or bounce.
⸻
🛑 Risk Management Tips:
• Consider SL above 1.17800 (previous high).
• Monitor for confirmation before entry (e.g., bearish candle close below 1.17000).
• Adjust size and risk-reward ratio appropriately.
The EUR/USD has recently approached a key resistance zone near 1.17726, showing signs of a potential rejection after a bullish rally. The price is currently hovering around 1.17468, forming a short-term bearish setup that could lead to a retracement or reversal.
⸻
⚙ Key Technical Zones:
• 🔼 Resistance: 1.17500 – 1.17726
Price was strongly rejected after testing this area. This level has historically acted as a supply zone.
• 🔽 Support: 1.15500 – 1.16000
This is a historically significant demand zone, where price previously consolidated and reversed.
• 🎯 Target Zone: 1.16308
Marked as a potential take-profit level based on prior price structure and volume profile imbalance.
⸻
🧠 Indicators & Tools:
• Bollinger Bands: Price touched the upper band in overbought conditions, suggesting a possible mean reversion.
• Volume Profile (VRVP): Indicates declining volume near resistance, pointing to weak buyer momentum.
• Price Action: Bearish engulfing candle and strong rejection wick at resistance, confirming selling pressure.
⸻
🧭 Market Bias:
📌 Short-Term Bearish
A short opportunity is forming based on the rejection from resistance and overextension of price.
⸻
🧩 Possible Scenario:
1. Breakdown below 1.17061 (mid-level support) could trigger acceleration to the downside.
2. 1.16500 and 1.16308 are ideal short targets before reevaluation for continuation or bounce.
⸻
🛑 Risk Management Tips:
• Consider SL above 1.17800 (previous high).
• Monitor for confirmation before entry (e.g., bearish candle close below 1.17000).
• Adjust size and risk-reward ratio appropriately.
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Market Analyst | XAU/USD Focused
Educational Content & Technical Breakdowns
Premium VIP Signals & Market Insights
Forex Mentorship & Affiliate Opportunities
Join our Telegram t.me/Mentor_Michael033
Educational Content & Technical Breakdowns
Premium VIP Signals & Market Insights
Forex Mentorship & Affiliate Opportunities
Join our Telegram t.me/Mentor_Michael033
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.