The recent price action in the market has witnessed a notable breach and subsequent close below the pivotal weekly level at 1.06968. Presently, there appears to be a potential retracement towards this critical level, with the possibility of encountering resistance. Should this level be tested and subsequently rejected, it could signify a strengthening of bearish sentiment, possibly leading to further downward movement. Specifically, attention may be directed towards retesting the previous week's low (PLW) at 1.06224, with the potential for an extended decline towards the level of 1.05442.
This analysis underscores the significance of the aforementioned weekly level as a key determinant of market sentiment and direction. The observed price dynamics, particularly the rejection or acceptance at this level, carry substantial implications for short to medium-term price action. Traders and investors are advised to closely monitor price behavior around this critical level, as it may provide valuable insights into the evolving market sentiment and potential trading opportunities. #OPINIONLEADER# #Todayanalysis# #Eurozone#
Edited 18 Apr 2024, 16:40
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now