EurUsd -> Top Formation And Breakdown

9 พ.ค. 2023

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .

On the weekly timeframe you can see that EurUsd is currently retesting and already rejecting a quite obvious previous weekly support/resistance zone exactly at the $1.11 level.
You can also see that weekly market structure and moving averages are still quite bullish; we have another support zone coming in at the $1.08 level which could definitely send prices higher so I am now just waiting for a retest of the support and then I do expect a next rally towards the upside.

On the daily timeframe you can see that with today's candle, EurUsd is actually breaking below a key uptrend trendline and EurUsd also formed a triple top at the $1.106 level, showing some bearish pressure so from a daily perspective I am now just waiting for a break below the next support zone and then I do expect a short term move towards the downside to then retest the $1.08 support level.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset: