EUR/USD Bullish Reversal Setup – Key Support at 1.0330-1.0367
Overview:
The EUR/USD 8-hour chart presents a bullish reversal scenario, with price retracing after breaking an ascending channel. The market is approaching a critical Fibonacci retracement zone (1.0367 - 1.0330), which aligns with a strong support level. A bullish rebound from this area could push price towards the supply zone near 1.0700.
Key Technical Analysis:
Rising Wedge Breakdown: Price recently broke below the ascending wedge, signaling a short-term bearish move.
Fibonacci Retracement: The 0.5 (1.0367) and 0.618 (1.0330) levels act as potential reversal zones.
Support Zone: The market is approaching a demand area where buyers are likely to step in.
Reversal Expectation: A bullish bounce from the Fibonacci zone could lead to a strong move back toward the previous resistance area (1.0700 - 1.0750).
Trade Plan:
📌 Entry: Look for a long position near 1.0367 - 1.0330 after bullish confirmation.
🎯 Target 1: 1.0500 (Short-term resistance).
🎯 Target 2: 1.0650 (Intermediate target).
🎯 Target 3: 1.0700 - 1.0750 (Major resistance).
🛑 Stop Loss: Below 1.0300 to minimize risk.
Conclusion:
EUR/USD is testing a crucial Fibonacci support zone, and if buyers step in, a strong rally toward 1.0700 is likely. Traders should watch for bullish confirmations before entering long positions.
📈 Bullish Bias – Watch for a Reversal from Key Support! 🚀
The EUR/USD 8-hour chart presents a bullish reversal scenario, with price retracing after breaking an ascending channel. The market is approaching a critical Fibonacci retracement zone (1.0367 - 1.0330), which aligns with a strong support level. A bullish rebound from this area could push price towards the supply zone near 1.0700.
Key Technical Analysis:
Rising Wedge Breakdown: Price recently broke below the ascending wedge, signaling a short-term bearish move.
Fibonacci Retracement: The 0.5 (1.0367) and 0.618 (1.0330) levels act as potential reversal zones.
Support Zone: The market is approaching a demand area where buyers are likely to step in.
Reversal Expectation: A bullish bounce from the Fibonacci zone could lead to a strong move back toward the previous resistance area (1.0700 - 1.0750).
Trade Plan:
📌 Entry: Look for a long position near 1.0367 - 1.0330 after bullish confirmation.
🎯 Target 1: 1.0500 (Short-term resistance).
🎯 Target 2: 1.0650 (Intermediate target).
🎯 Target 3: 1.0700 - 1.0750 (Major resistance).
🛑 Stop Loss: Below 1.0300 to minimize risk.
Conclusion:
EUR/USD is testing a crucial Fibonacci support zone, and if buyers step in, a strong rally toward 1.0700 is likely. Traders should watch for bullish confirmations before entering long positions.
📈 Bullish Bias – Watch for a Reversal from Key Support! 🚀
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.