From TradingView · · 1m
EURUSD Breaks Below Supply
EURUSD drops below key supply zone, signaling more downside for traders.
In brief
EURUSD drops below key supply zone, signaling more downside for traders. EURUSD price broke below 1.1570 supply zone, suggesting continued downward pressure on forex markets. Originally reported by TradingView.
EURUSD Technical Outlook
EURUSD previously traded inside a descending channel before breaking higher and shifting bullish.
Price Action
Price then moved toward the 1.1720 Pivot Point, where sellers rejected the upside and pushed price lower.
Current Position
Currently, EURUSD is trading below the 1.1570 Supply Zone while holding above the 1.1480 Demand Zone and ascending Demand Line.
Breakdown Signal
The recent breakout failure below supply suggests sellers may continue to push price lower.
Potential Outcomes
A successful continuation lower could push price toward the 1.1480 Demand Zone (TP1). However, a breakout and close above 1.1570 would weaken the bearish outlook.
Trade Result
Trade closed: target reached. My script has already delivered results for us today. Everything played out exactly as I predicted.
The essence
EURUSD price broke below 1.1570 supply zone, suggesting continued downward pressure on forex markets.
