EUR/USD) resistance level rejected) Analysis Read The Chaptian

SMC Trading point update



updated chart provides a more refined bearish outlook for EUR/USD. Here's the idea behind this analysis:



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Market Structure Overview:

Resistance Level: ~1.14292

Mid Support Zone: ~1.13500

Major Support (Target Point): ~1.12658

Current Price: 1.13787



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Indicators:

EMA 200 (1.12174): Price is above the 200 EMA, indicating an overall bullish bias, but that may be weakening.

RSI (14): Around 54.37, slightly bullish but neutral—no strong momentum.



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Trading Idea:

1. Short-Term Bullish Move:
Price is expected to rise to test the resistance level around 1.14292.


2. Bearish Reversal at Resistance:
From there, a rejection is anticipated, leading to a drop back to the mid support (~1.13500).


3. Break Below Mid Support:
If the price fails to hold the mid support zone, a breakdown is likely to continue toward the target point at 1.12658, which aligns with the previous big support level.


Mr SMC Trading point

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Strategy Suggestion:

Sell Setup 1: At resistance (~1.14292), with confirmation like bearish candles or divergence on RSI.

Sell Setup 2: On breakdown and retest of the 1.13500 support zone.

Take Profit: Target at 1.12658.

Stop Loss: Above 1.14300 or above the most recent swing high.



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