On the 9th of December, traders and investors are closely watching the EURUSD chart for key levels and trends that could impact their trading decisions. Let’s delve into the technical analysis to understand the potential movements in the market.
EURUSD – H4 Timeframe
Looking at the 4-hour timeframe chart, the EURUSD price action is currently consolidating within a channel. The recent reaction at the confluence region of the supply zone and trendline resistance indicates a possible shift in momentum. Traders are keeping a close eye on whether the price will break above this area of interest, as it could signal a bullish reversal.
H1 Timeframe
Switching to the 1-hour timeframe chart, we observe a double break-of-structure pattern following the initial reaction from the supply zone. This pattern confirms the increased bearish momentum in the market. Traders anticipate a retest of the 76%—88% area of the Fibonacci retracement tool before the bearish sentiment strengthens. The primary target lies at the highlighted demand zone, coinciding with the trendline support.
Analyst’s Expectations:
- Direction: Bearish
- Target: 1.05045
- Invalidation: 1.06555
As traders navigate the dynamic forex market, it is crucial to stay informed about the latest developments and technical analysis. By understanding the key levels and trends on the EURUSD chart, traders can make informed decisions to capitalize on potential opportunities.
