Upon examining the updated chart for EUR/USD, it appears our previous analysis was profitable. Let's break down the current chart and provide an updated intraday analysis based on the new information provided.
Previous Day Analysis Review
In our previous analysis, we noted key support and resistance levels, the short-term upward channel, and the highlighted support zone. The suggested bullish scenario played out, as the price respected the lower boundary of the channel and moved upward, yielding profitable trades for those who followed the strategy.
The price is still moving within the upward channel marked in red.
The lower boundary of the channel remains around 1.08600, with the upper boundary near 1.08900.
Support and Resistance:
The highlighted support zone (purple) around 1.08550 - 1.08650 remains critical.
Near the lower boundary of the channel at 1.08600.
The upper boundary of the channel at 1.08900.
The price recently tested the upper boundary and pulled back, suggesting a potential retest of the support zone and the lower boundary of the channel.
A rebound from the support zone would align with the short-term bullish trend within the channel.
Trading Scenarios
Entry Point: Near the support zone at 1.08550 - 1.08650.
Target: The upper boundary of the channel that could around 1.08900 or more.
Stop-Loss: Below 1.08500, just under the support zone.
The intraday analysis confirms a profitable outcome from our previous analysis. The key levels to monitor include the support zone around 1.08550 - 1.08650 and the upper boundary of the channel at 1.08900. Maintaining a disciplined approach with proper risk management is crucial for successful trading.
Previous Day Analysis Review
In our previous analysis, we noted key support and resistance levels, the short-term upward channel, and the highlighted support zone. The suggested bullish scenario played out, as the price respected the lower boundary of the channel and moved upward, yielding profitable trades for those who followed the strategy.
The price is still moving within the upward channel marked in red.
The lower boundary of the channel remains around 1.08600, with the upper boundary near 1.08900.
Support and Resistance:
The highlighted support zone (purple) around 1.08550 - 1.08650 remains critical.
Near the lower boundary of the channel at 1.08600.
The upper boundary of the channel at 1.08900.
The price recently tested the upper boundary and pulled back, suggesting a potential retest of the support zone and the lower boundary of the channel.
A rebound from the support zone would align with the short-term bullish trend within the channel.
Trading Scenarios
Entry Point: Near the support zone at 1.08550 - 1.08650.
Target: The upper boundary of the channel that could around 1.08900 or more.
Stop-Loss: Below 1.08500, just under the support zone.
The intraday analysis confirms a profitable outcome from our previous analysis. The key levels to monitor include the support zone around 1.08550 - 1.08650 and the upper boundary of the channel at 1.08900. Maintaining a disciplined approach with proper risk management is crucial for successful trading.
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