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The Analysis H4 : Long Position to Resistance Area (1.06250)
In my opinion, the graph EURUSD shows a well-defined upward-sloping channel, with the support line at the lower boundary and the resistance line at the upper boundary.
Recently, the price rebounded off the support line (highlighted by the green circle), signalling a potential continuation of the channel’s upward trend.
Support Line: This lower boundary acts as a strong support level where the price historically tends to bounce.
Resistance Line: The upper boundary, around 1.06250, serves as a target for a long position, aligning with previous highs.
As long as the price remains within the channel, the bullish bias holds. To confirm this move, monitor for signs of increasing volume or bullish momentum.
Goodluck.
EURUSD shows a well-defined upward-sloping channel, with the support line at the lower boundary and the resistance line at the upper boundary.Recently, the price rebounded off the support line (highlighted by the green circle), signalling a potential continuation of the channel’s upward trend.
Support Line: This lower boundary acts as a strong support level where the price historically tends to bounce.
Resistance Line: The upper boundary, around 1.06250, serves as a target for a long position, aligning with previous highs.
As long as the price remains within the channel, the bullish bias holds. To confirm this move, monitor for signs of increasing volume or bullish momentum.
Goodluck.
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