EURUSD Uptrend Intact: Price Approaches Major 1.1650 Resistance

2 days ago

Hello traders! Here’s my technical outlook on EUR/USD based on the current market structure. After breaking out of the Buyer Zone near 1.1600–1.1610, the price pushed higher and re-entered the ascending channel, continuing to form higher highs and higher lows along the channel’s Support Line. Buyers managed to defend the zone after a fake breakout, confirming strong demand within this area. Currently, EUR/USD is approaching the 1.1650–1.1660 Resistance Level, where the previous rejection occurred. As the pair moves within the rising channel, bullish momentum remains intact, but the structure also suggests that the market may slow down as it nears this overhead resistance. As long as the price holds above the Buyer Zone and continues respecting the channel’s Support Line, the bullish scenario remains valid. A short pullback toward the channel’s midline is possible before buyers attempt another push upward. A continuation of this upward movement may drive EUR/USD toward the TP1 target at 1.1650–1.1660, aligning with the major Resistance Level. A clean breakout above this level would open the door for further bullish expansion. However, a breakdown below the Support Line or a return into the Buyer Zone could weaken the current bullish structure and expose the pair to deeper corrective movement. Please share this idea with your friends and click Boost 🚀

yesterday

Trade closed: target reached

At this point in time, buyers had a very big advantage, the price did not even drop to the retest of support as we expected and flew straight to our target. The market is quite unpredictable.

LegionQ8

🔷Join my telegram channel for free - bit.ly/4g4wovR

💰Want receive more profitable signals for Crypto & Forex market, write me PM 👉 bit.ly/4fNijD8

ThinkMarkets Ambassador Join & explore: bit.ly/3S4HwPq

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

LegionQ8

Also on: