FX.co ★ EUR/USD

Regarding EUR/USD yesterday, after updating the maximum of the previous daily range, failing to reach the resistance level located at 1.07246 according to my analysis, the price bounced back. As a result, a candle of uncertainty with a slight bearish bias was formed by the end of the day. I fully admit that the ongoing accumulation will end with an impulsive breakout. In this case, I am waiting for an impulse towards the designated resistance level at 1.07246, where two scenarios may unfold. The first scenario involves the formation of a reversal candle and a resumption of the downward price movement. If this scenario plays out, I will expect the price to move towards the support level at 1.06011. If the price consolidates below this support level, I will anticipate further southward movement, down to the support level at 1.05211. Near this support level, I will wait for the formation of a trading setup to determine the next trading direction. Of course, there is a possibility of reaching a more distant southern target at 1.04482 according to my analysis. Even if the outlined plan is executed, I acknowledge the potential for northward retracements along the way to the southern target. I plan to use these retracements to search for bearish signals from nearby resistance levels. An alternative scenario for price movement when approaching the resistance level at 1.07246 would be a plan where the price consolidates above this level and continues moving northward. If this plan unfolds, I will expect the price to advance towards the resistance level at 1.07913. Near this resistance level, I will continue to look for southward signals, anticipating a resumption of the downward price movement. There is also a possibility of reaching a more distant northern target at 1.08643 according to my analysis. However, I am not considering this option at the moment as I do not see prospects for its rapid realization. In summary, currently, I consider it likely that the price may move to test the nearest resistance levels. Taking into account the existing global southern trend, I will be searching for bearish signals, expecting a continuation of the downward price movement.