Allow me to share my insights on the Euro’s current trajectory. A recent analysis of the chart unveils a fascinating story of market dynamics. Notably, the Euro exhibited a rebound from the 1.0910 resistance level, strategically positioned within the seller zone, and experienced a brief dip below. Subsequent to this movement, a notable ascent ensued within an upward channel, leading the Euro back to the channel’s resistance line.
The story unfolds as the price rebounded from this resistance line, initiating a decline in close proximity to it, ultimately exiting the channel and descending to the familiar 1.0910 level. The price then broke through this level, underwent a retest, and continued its descent until reaching the current resistance level, aligning with the buyer zone. At this juncture, the Euro rebounded once again, surging towards the resistance line. However, a recent downturn saw it retreat to the 1.0760 level.
In recent developments, the price breached the 1.0760 level, currently trading in close proximity. My analysis suggests a potential decline to the buyer zone, followed by a rebound towards the resistance level. Subsequently, a breakthrough of this level and the resistance line could pave the way for an upward trajectory. Hence, my target is set at the 1.0840 level.
Euro’s recent bounce from 1.0910 resistance and subsequent upward channel.
Breakthrough and retest at the 1.0910 level, leading to a descent to the buyer zone.
Recent rebound from the buyer zone and ascent towards the resistance line.
Recent downturn, bringing the Euro back to the 1.0760 level.
Anticipated scenario: Decline to buyer zone, rebound to resistance, and potential upward surge.
Target set at 1.0840 level based on the analysis.