Observing the EURUSD chart in the 4-hour timeframe, there is a pullback after a bearish impulse, indicating a resistance area around 1.09629, with immediate support at the 1.06532 level. The market structure suggests a medium-term bearish trend, as shown in the chart with a series of lower highs and lower lows.
The identified resistance zone is crucial, as a strong rejection at this level could lead to a continuation of the downtrend. However, if the price breaks above this resistance, it could indicate a more significant upward correction, targeting new higher supply zones.
The supply and demand analysis highlights strong buying pressure near the immediate support area, which could suggest a potential shift in market momentum. However, this analysis should be combined with other technical factors to confirm any change in trend.
In summary, the chart indicates a potential reversal if the price breaks through the current resistance area, but caution is required as the bearish trend is still present.
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The identified resistance zone is crucial, as a strong rejection at this level could lead to a continuation of the downtrend. However, if the price breaks above this resistance, it could indicate a more significant upward correction, targeting new higher supply zones.
The supply and demand analysis highlights strong buying pressure near the immediate support area, which could suggest a potential shift in market momentum. However, this analysis should be combined with other technical factors to confirm any change in trend.
In summary, the chart indicates a potential reversal if the price breaks through the current resistance area, but caution is required as the bearish trend is still present.
Suggested hashtags: #EURUSD #ForexTrading #TechnicalAnalysis #ForexMarket #TradingStrategy #Investments #TradingTips #MarketTrends #TradingLife #PriceAction #DayTrading #GlobalMarkets #TradingIdeas #TraderLife #InvestmentStrategy #ForexTrading #FinancialMarkets #TradingInStyle #CurrencyMarket #TradingPlan