EURUSD approaching a strong support
EURUSD is a highly liquid currency pair that is traded by forex traders around the world. It is one of the most actively traded currency pairs and is known for its low spreads and high volatility, which make it attractive to both short-term and long-term traders.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
After a significant bearish wave that began in early January, the price line is now approaching a strong support zone. This zone has held as support in the past and has the potential to reverse the current downtrend in the market. The Relative Strength Index (RSI) is also indicating that the price may be oversold, adding to the likelihood of a reversal. For buyers looking to enter a position, a potential buying opportunity may arise when the price line breaks above the trend line and retests the red support zone shown below the price line. As always, it is important to conduct proper technical analysis and risk management strategies before entering any trades in the forex market.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.