#EURUSD

💸 #EURUSD
🕓 Time Frame: 4hr
🔼 Status: Neutral / Bullish
📆 22/07/2024

The market has recently pulled back, with bears pushing the price towards the support zone. EUR/USD has retracted from its resistance zone, forming a long-tailed bar on the weekly timeframe. This pattern suggests a deeper pullback is possible. Currently, the market is trading sideways, forming a consolidation box.

Key Observations:
Support Zone: Below the current consolidation box, there's a confluence area around 1.08500, which includes a support level, a channel border, and a trendline.
Historical Bounce: The price has previously bounced from this level, indicating a potential for another upward move.
Sideways Trading: The market is trading sideways, creating a consolidation box.

Technical Indicators:
Long-Tailed Bar: Indicates potential for a deeper pullback.
Confluence Area: Includes multiple technical factors such as a support level, channel border, and trendline at 1.08500.

Forecast:
Given the historical bounce from the confluence area and the current market structure, it's likely that the EUR/USD will move up from this area. The overall trend remains bullish, suggesting a potential retest of the recent resistance zone above.

Target:
Resistance Level: My goal is a resistance around 1.09200.