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EURUSD - Countertrend correction before a decline

FOREX forecast
💡 Ideas For #EURUSD 🇪🇺🇺🇸

📈 Countertrend correction before a decline

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EURUSD is testing a key resistance zone as part of a countertrend correction. The area of interest has formed on the daily timeframe, which plays an important role. A pullback is possible

The dollar is rebounding from resistance but is still in a phase of local consolidation. Since the opening of the session, the euro has been testing 1.1833 (resistance from the daily timeframe) and may enter a correction phase.

A false breakout of resistance at 1.1833 is forming a double top reversal pattern, indicating pressure from the bears. The currency pair may form a correction to 1.1788 - 1.1775.

Resistance levels: 1.1833, 1.1855

Support levels: 1.1817, 1.1805, 1.1775

The reversal pattern is forming a base in the 1.1817 zone. A breakdown of local support and a close below the level could trigger further downward movement. The local trend is downward, and a primary retest of resistance could trigger a reaction...