EURUSD is testing the psychological level

2023年7月11日

EURUSD has exhibited an interesting price movement recently, characterized by a breakout from a falling wedge pattern. The breakout followed the direction indicated by your arrow, indicating a potential bullish momentum in the market. Currently, the market is undergoing a crucial test of a key level on the 4-hour timeframe, specifically at 1.10. This level holds significance as it is considered a psychological level, often attracting market participants' attention.

According to Plancton's Rules, if the price successfully breaks out from this key level, it could provide a confirmation for a new long position. Traders following this strategy would consider entering the market, anticipating further upward movement. In such a scenario, the next target for the EURUSD pair could be 1.11, representing a potential price objective for the bullish move.

–––––
Follow the Shrimp 🦐

Keep in mind.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  
• ⚫️ Black structure -> <= 1h structure.
  

Follow the Shrimp 🦐

2023年7月14日

註釋

perfect bullish impulse

2023年7月17日

註釋

new recent high

2023年7月18日

註釋

upward move as epxected

2023年7月19日

註釋

consolidation phase at the top of the trend

2023年7月20日

註釋

slow retracement to the support area