EURUSD (Euro vs. US Dollar) - 2H Chart Analysis
The EURUSD pair has shown a strong recovery from its recent lows, forming a higher low pattern around the 1.038 support area. A corrective ascending channel previously dominated, but a breakout followed by a pullback to the critical support zone suggests a shift in momentum.
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Currently, the price is approaching a key resistance zone near 1.046. A rejection here could lead to a deeper retracement targeting 1.04180 and further down to 1.03819, aligning with Fibonacci and historical support levels.
Alternatively, sustained momentum above 1.046 could invalidate the bearish scenario and lead to a continuation toward 1.05. Traders should watch for confirmation candles and volume increases to define the next directional move.
Plan: Stay vigilant for sell signals near resistance or strong breakout confirmations above key levels.