Euro / U.S. DollarShort
EUR/USD Bearish Setup Short Opportunity at Key Resistance Zone
This chart suggests a potential short setup for EUR/USD
The price has been in a downward trend, making lower highs and lower lows. The current price action indicates a potential retracement towards the marked resistance zone near 1.02820 - 1.03117, which aligns with a possible supply zone. This zone could act as a strong resistance due to previous selling pressure.
The price is likely to reject this resistance and resume the downward movement, following the overall bearish trend. A breakdown from the resistance zone could lead to a short opportunity targeting 1.01764 as the first support level. If bearish momentum continues, the price might further decline toward lower levels.
Key levels to watch
Resistance: 1.02820 - 1.03117 (entry zone for shorts if rejection occurs)
First Target: 1.01764 (potential take-profit level)
Stop Loss: Above 1.03117 (to protect against a breakout)
Confirmation of rejection through candlestick patterns or bearish momentum near the resistance zone is crucial before entering the trade.
The price has been in a downward trend, making lower highs and lower lows. The current price action indicates a potential retracement towards the marked resistance zone near 1.02820 - 1.03117, which aligns with a possible supply zone. This zone could act as a strong resistance due to previous selling pressure.
The price is likely to reject this resistance and resume the downward movement, following the overall bearish trend. A breakdown from the resistance zone could lead to a short opportunity targeting 1.01764 as the first support level. If bearish momentum continues, the price might further decline toward lower levels.
Key levels to watch
Resistance: 1.02820 - 1.03117 (entry zone for shorts if rejection occurs)
First Target: 1.01764 (potential take-profit level)
Stop Loss: Above 1.03117 (to protect against a breakout)
Confirmation of rejection through candlestick patterns or bearish momentum near the resistance zone is crucial before entering the trade.
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.