EUR/USD: Downtrend Expected if Below $1.1600
Recognizing Price Action Reversals
One effective way to spot a classic price action reversal is to observe when an hourly candle—such as a pin bar, doji, outside bar, or an engulfing candle with a higher close—completes its formation. By monitoring how the price behaves at these specific levels or zones, traders can take advantage of potential opportunities.
Recent EUR/USD Analysis
In my last analysis of the EUR/USD pair on Thursday, I anticipated a more bearish movement, expecting the price to approach the $1.1550 region, where I believed a bullish rebound could occur. Although the price did not drop as far as I predicted, the lowest point of the day was only slightly above my target.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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