EURUSD / Critical Pivot Zone and Potential Breakout Scenarios
Technical Analysis: EUR/USD (4H Chart)
Current Price Action:
Current Price Action:
- The EUR/USD pair is currently trading around 1.07032, situated near the pivot zone highlighted on the chart.
Key Observations:
- Descending Channel: The price previously broke out of a descending channel, indicating a potential reversal of the bearish trend.
- Pivot Zone: The price is hovering around the pivot zone, suggesting this area is a critical level for determining the next direction.
Scenarios:
Bullish Scenario:
- Resistance Levels: The price needs to break and sustain above the pivot zone around 1.07032. A successful breakout above this level could see the pair move towards the next resistance levels at 1.07960, and eventually to 1.08538 and 1.09172.
- Breakout Confirmation: A clear breakout and closure above 1.07960 would likely confirm a bullish trend continuation.
Bearish Scenario:
- Support Levels: If the price fails to hold above the pivot zone, a decline towards the demand area of around 1.06164 is possible. Further bearish pressure could push the price down to the support lines at 1.05051.
- Trend Confirmation: A sustained move below 1.06164 would confirm a continuation of the bearish trend.
Key Levels:
- Pivot Line: 1.07032
- Resistance Levels: 1.07960, 1.08538, 1.09172
- Support Levels: 1.06164, 1.05051
Today's Expected Trading Range:
- The anticipated trading range for today is between the support at 1.06164 and the resistance at 1.07960.
Summary:
The EUR/USD pair is currently at a critical juncture near the pivot zone. A breakout above this zone could signal a bullish continuation towards higher resistance levels, while failure to hold this level could see a decline towards key support areas. Traders should monitor these levels closely for signs of the next major move.
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