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...