EURUSD has pulled back from its recent high of 1.1173. The pair broke below the 1.1100 support level, signaling a potential pause in the uptrend that started at 1.0777.
Short-Term Outlook:
- We might see further decline in the coming days.
- The key level to watch is the rising trend line on the 4-hour chart, which could act as support.
Big Picture View:
- As long as the price stays above the rising trend line, the overall uptrend is likely to continue.
- This suggests that what we’re seeing now might just be a temporary consolidation.
Key Levels to Watch:
- Support: The rising trend line on the 4-hour chart
- This is crucial for maintaining the current uptrend.
- A break below this line could signal that the uptrend is over.
- Resistance: 1.1173
- If the price breaks above this level, we could see another push higher.
- The next targets would be 1.1200, followed by the 1.1250 area.
What This Means for Traders:
- Short-term traders might look for potential downside moves towards the rising trend line.
- Longer-term traders should keep an eye on that trend line support. As long as it holds, the uptrend remains intact.
- Be prepared for a potential resumption of the uptrend if the price breaks above 1.1173.
Remember, forex markets can change quickly. Always use proper risk management and stay informed about market conditions.