$EURUSD 60-Minute Chart: Bullish Technical Setup in Play
Updated
🚀 EURUSD Analysis (60-Minute Timeframe):
🔹 After the formation of a technical double bottom, confirmed by the breakout above the neckline at 1.0422, the pair is likely to move towards the 200% Fibonacci extension at 1.0476.
🔹 New resistance formed at 1.0447, still below the previous fractal support at 1.0453.
🔹 A bullish 2618 pattern is unfolding, with recent lows near the crucial 61.8% Fibonacci retracement at 1.0382. 📊
🔹 This setup depends on the earlier double bottom formation to hold. 🔄
⚠️ A break below the daily fractal support would invalidate this bullish setup, with targets aligned with the default target for the double bottom. Let's monitor this reversal pattern closely as it could trigger a significant upward move. 📈
🔹 After the formation of a technical double bottom, confirmed by the breakout above the neckline at 1.0422, the pair is likely to move towards the 200% Fibonacci extension at 1.0476.
🔹 New resistance formed at 1.0447, still below the previous fractal support at 1.0453.
🔹 A bullish 2618 pattern is unfolding, with recent lows near the crucial 61.8% Fibonacci retracement at 1.0382. 📊
🔹 This setup depends on the earlier double bottom formation to hold. 🔄
⚠️ A break below the daily fractal support would invalidate this bullish setup, with targets aligned with the default target for the double bottom. Let's monitor this reversal pattern closely as it could trigger a significant upward move. 📈
Trade active
.382% fib retracement level
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
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