EURUSD has been trading within a defined range, showing multiple rejections from both resistance and support zones. After a fake breakout earlier, price consolidated and formed a clear range structure, followed by a downside move.
Currently, price has tapped into a strong support (buyer zone) and reacted with a noticeable bounce, indicating buying pressure. The recent bullish impulse suggests a potential trend reversal or short-term retracement.
š Key Observations:
Strong support zone holding price near 1.1500 area
Previous resistance turned supply zone around 1.1550
Market showed a fake breakout, confirming liquidity grab
Current structure hints at a higher low formation
š Trade Idea:
Expect a minor pullback followed by continuation upward
Potential bullish move towards the TP zone near 1.1590 ā 1.1600
Invalidation below the support zone
ā ļø Conclusion:
If buyers maintain control above the support level, EURUSD could push higher to retest the resistance zone. Watch for confirmation before entry.