💱EURUSD - A resistance retest is forming. Breakout or rebound?

2023年7月5日

EURUSD is retesting the wedge resistance and the level of 1.09125.
But on the D1 the price is trading under the strong resistance, forming a false-break

TA on the high timeframe:
1) False breakdown of 1.09125 level. Consolidation and decline below 1.08800 will form further momentum
2) The price is in the "wedge" pattern, breaking through one of the lines will open a new potential after the consolidation.

TA on the low timeframe:
1) Price makes a retest of 1.09125. The local trend is ascending, hence it is likely that the price can break the resistance
2) The price will continue growing in case of breaking through the wedge resistance and the level of 1.09125.
3) On the rebound from the wedge resistance, the price will head towards 1.08440 and continue its consolidation in the figure

Key resistance📈: 1.09125
Key support📉: 1.08800, 1.08400

2023年7月6日

註釋

price reaction to resistance
our scenario worked