EURUSD

EUR/USD 4-Hour Analysis: Potential Bearish Continuation

Chart Overview:
This EUR/USD 4-hour chart analysis indicates a potential bearish continuation following a recent break of significant support levels and trend lines.

Key Points:

1. Resistance and Support Levels:
- Resistance: A strong resistance level is identified around 1.08520, highlighted with a red shaded area, where price has previously reversed.
- Support: The 0.61% Fibonacci retracement level around 1.08012 serves as a crucial support level.

2. Trend Analysis:
- The pair initially showed an upward trend, but recent price action has broken below a key ascending trend line, indicating a shift to bearish momentum.

3. Fibonacci Retracement:
- The 0.61% Fibonacci level (1.08012) is marked as a significant retracement point. This level is often watched by traders for potential reversal or continuation.

4. Price Projection:
- The expected price path is a retracement back to the 0.61% Fibonacci level before continuing the downward movement. This is illustrated by the projected zigzag pattern.

5. Risk/Reward Setup:
- The analysis includes a potential short trade setup with the green shaded area representing the target zone and the red shaded area indicating the stop-loss zone. This setup suggests a favorable risk/reward ratio.

6. Market Sentiment:
- Overall sentiment is bearish, with the price action showing strong downward momentum after breaking the support and trend line.

Trading Plan:
- Look for shorting opportunities at the resistance zone around 1.08012.
- Place stop-losses just above the red shaded area to manage risk.
- Target the support zones below the current price action for potential take-profits.

This analysis suggests caution and patience for traders, waiting for the price to reach key levels before entering trades. As always, ensure proper risk management and consider external economic factors that may influence price movements.
FibonacciSupport and ResistanceTrend Analysis

免責事項