Hello, dear traders. If you are looking for Forex trading signals, then you are in the right place. We provide EURUSD signals/analysis for you. Let’s delve into the analysis without delay.
Today’s EURUSD Trading Signal on the H4 chart by Guriforex:
The EURUSD pair is currently navigating a crucial resistance level at 1.1050, which aligns with the 161.8 Fibonacci retracement level. This significant technical indicator is drawing attention from traders, as it often acts as a potential turning point in price movements.
🔍 Technical Indicators to Watch:
- Rising Wedge Formation: The pair is moving within a rising wedge pattern, a formation often associated with potential bearish reversals. Traders are closely monitoring this pattern, as a break below the wedge could signal further downside.
- RSI Oscillator: The Relative Strength Index (RSI) is flashing a warning sign. A bearish divergence is appearing, where the price is making higher highs, but the RSI is not confirming these moves. This divergence can be a precursor to a reversal in price action, suggesting that bearish momentum may be building.
📊 Key Levels to Watch:
- Upside Potential: Should the EURUSD successfully break above the 161.8 Fibonacci level at 1.1050, the next target for bulls would be around 1.1100. This move would indicate that the bullish trend remains intact, and we could see further gains.
- Downside Risk: On the flip side, if the pair fails to break above this critical resistance level, a pullback could be on the cards. A drop to the 1.1010 level would be the next support level to watch, as it could serve as a floor for the price action.
📉 What’s Your Trading Stance?
- 💪 Bullish: If you believe the EURUSD will break above the 1.1050 resistance and continue its upward trajectory, this could be an opportunity to buy.
- 🛑 Bearish: On the other hand, if you see the rising wedge pattern and RSI divergence as signs of a potential reversal, selling might be the strategy to consider.
💡 Final Thoughts: The EURUSD is at a pivotal point, and the next few moves could set the tone for the pair’s direction. Whether you’re a buyer or a seller, keeping a close eye on these key levels and technical indicators will be crucial in making informed trading decisions.
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Happy trading! 📈📉