Technical Analysis of the EURUSD Pair Daily Chart The previous week ended with a price peak on the daily chart, indicating a downward correction before a rebound. Over the past two months, the general trend for the pair's movement was upward, leading to the opening of trading this month within the price channels shown on the chart. The price was above the channel's midline and also supported by the monthly pivot level of 1.1277. This led to a price rise, reaching the monthly resistance level of 1.1488, which coincides with the upper red channel line. This led to a price decline. Over the course of a week of trading, the price continued to rise and fall in a sideways direction, supported by the channel's midline below and facing resistance from the upper red channel line. Over the next week, the price is expected to continue its decline, reaching the weekly pivot level and then rising to attempt to break the red channel and continue its upward trend.
Trading Plan for the EURUSD Pair On the daily chart, we have the following trading opportunities: Sell from the current level, set a stop-loss level above the previous Friday's high, and set a target level above the monthly pivot level. We will have a second selling level if the price rises to the resistance level of 1.1488 and rebounds, forming a bearish price action. We also have two buying levels. The first level will be if the price reaches the monthly pivot level and rebounds, forming a bullish price action. The second level will be if the price falls to the monthly support level of 1.1135. We can wait for the price to rebound and form a bullish price action to enter the buy position.
