EUR/USD Bearish Setup with 61.8% Fibonacci Retracement
The daily chart of EUR/USD (Euro vs. U.S. Dollar) highlights a bearish setup. The price has recently retraced to the 61.8% Fibonacci retracement level, a common reversal point in trending markets. This retracement coincides with a descending trendline, adding to the confluence of resistance in the highlighted area.
Key observations:
1. Resistance Zone: The price is testing a critical resistance area defined by the descending trendline and Fibonacci level.
2. Bearish Momentum: Indicators and previous bearish price action suggest potential continuation of the downtrend.
3. Projected Target: The white arrow points toward a potential drop to the support level near 1.00813, marking a continuation of the broader bearish structure.
4. Risk-Reward Outlook: The red zone indicates the stop-loss area, while the green zone highlights the take-profit area, showing a well-defined risk-reward ratio for this trade idea.
Analysis by Learn and Trade Forex
Stay ahead in the market with expert insights and strategies. For more, visit learnandtradeforex.com.
Key observations:
1. Resistance Zone: The price is testing a critical resistance area defined by the descending trendline and Fibonacci level.
2. Bearish Momentum: Indicators and previous bearish price action suggest potential continuation of the downtrend.
3. Projected Target: The white arrow points toward a potential drop to the support level near 1.00813, marking a continuation of the broader bearish structure.
4. Risk-Reward Outlook: The red zone indicates the stop-loss area, while the green zone highlights the take-profit area, showing a well-defined risk-reward ratio for this trade idea.
Analysis by Learn and Trade Forex
Stay ahead in the market with expert insights and strategies. For more, visit learnandtradeforex.com.
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