EUR/USD: Bears in Control or Bulls Ready to Bounce?
Alright traders, here's a top-down analysis on EUR/USD. Let's start the week off right with some market structure insights.
First, looking at the monthly chart, we see EUR/USD climbing above those key support levels around 1.0973, which is a crucial daily support. Above, we have resistance around the 1.1041 level — this yellow weekly resistance is going to be important. You can also see how price has bounced off the 1.0940 region, and that gives us a good indication that this level is holding firm as support for now.
Zooming into the weekly chart, we are seeing some consolidation forming after last week’s bearish movement. If you notice on the daily chart, we are sitting right on top of that daily support (1.0973), and a break below this level could see the price target the next daily support at 1.09407, with a weekly support further down at 1.08834. On the flip side, if the bulls can take control and we see a strong push above 1.1015, we might target the 1.1041 resistance next.
In terms of a setup, I'd personally be looking for a strong break of that daily support (1.0973) to confirm a sell position. Ideally, a retest of that level before entry would be perfect, with a target around the 1.0940 region, and a stop loss around 26 pips from entry. For the buyers, I'll need to see the price push up and break through 1.1015 for any clean buy opportunities. Stay patient and let the market come to you!
Let’s see how the market moves today and be ready to act on those key levels. Let’s crush it this week 💪🏽
First, looking at the monthly chart, we see EUR/USD climbing above those key support levels around 1.0973, which is a crucial daily support. Above, we have resistance around the 1.1041 level — this yellow weekly resistance is going to be important. You can also see how price has bounced off the 1.0940 region, and that gives us a good indication that this level is holding firm as support for now.
Zooming into the weekly chart, we are seeing some consolidation forming after last week’s bearish movement. If you notice on the daily chart, we are sitting right on top of that daily support (1.0973), and a break below this level could see the price target the next daily support at 1.09407, with a weekly support further down at 1.08834. On the flip side, if the bulls can take control and we see a strong push above 1.1015, we might target the 1.1041 resistance next.
In terms of a setup, I'd personally be looking for a strong break of that daily support (1.0973) to confirm a sell position. Ideally, a retest of that level before entry would be perfect, with a target around the 1.0940 region, and a stop loss around 26 pips from entry. For the buyers, I'll need to see the price push up and break through 1.1015 for any clean buy opportunities. Stay patient and let the market come to you!
Let’s see how the market moves today and be ready to act on those key levels. Let’s crush it this week 💪🏽
Sheena Lynne
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