Overview: The EUR/USD pair has shown notable movements within the marked support and resistance zones on the 30-minute chart. Current price action provides opportunities for both short-term trading and a potential breakout scenario.
Key Levels:
Resistance Zone: 1.13901
Support Zone: 1.12393
Current Price: 1.13764 as of 11:43 (local time)
The resistance at 1.13901 has been tested multiple times, suggesting a strong seller presence. Conversely, the 1.12393 support zone indicates a significant accumulation area for buyers.
Volume Profile Insights: The volume distribution highlights concentrated trading activity around the mid-range levels, reflecting market indecision. A breakout from either the resistance or support zone could lead to substantial momentum.
Outlook:
A breakout above the resistance at 1.13901 may signal further bullish momentum, targeting higher levels within the 1.14200 range.
A breakdown below the support at 1.12393 might open the door for bearish continuation towards lower price levels.
Traders should watch for confirmations, such as volume spikes or candlestick patterns, before entering positions.
Closing Thoughts: Consistency | Discipline | Perseverance are the hallmarks of successful trading. Keep these principles in mind as you navigate the EUR/USD market this week.
Key Levels:
Resistance Zone: 1.13901
Support Zone: 1.12393
Current Price: 1.13764 as of 11:43 (local time)
The resistance at 1.13901 has been tested multiple times, suggesting a strong seller presence. Conversely, the 1.12393 support zone indicates a significant accumulation area for buyers.
Volume Profile Insights: The volume distribution highlights concentrated trading activity around the mid-range levels, reflecting market indecision. A breakout from either the resistance or support zone could lead to substantial momentum.
Outlook:
A breakout above the resistance at 1.13901 may signal further bullish momentum, targeting higher levels within the 1.14200 range.
A breakdown below the support at 1.12393 might open the door for bearish continuation towards lower price levels.
Traders should watch for confirmations, such as volume spikes or candlestick patterns, before entering positions.
Closing Thoughts: Consistency | Discipline | Perseverance are the hallmarks of successful trading. Keep these principles in mind as you navigate the EUR/USD market this week.
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.