EUR /USD) resistance level rejected support level Read The Chapt

13 apr

SMC Trading point update



analysis of the EUR/USD currency pair on a 1-hour timeframe, and it presents a potential bearish setup. Here's a breakdown of the idea:

Key Elements:

Resistance Zone (around 1.14182):
The price is currently approaching a marked resistance area. The analysis suggests this could be a turning point where price may reverse.

Projected Movement (Black Arrows):
The chart predicts a double top formation or a rejection from the resistance level, followed by a strong move downward.

Target Point:
The drop is expected to reach the key support zone around 1.10942, aligning with a previous structure and a potential liquidity zone.

EMA 200 (around 1.10389):
Price remains well above the 200 EMA, suggesting the trend is still bullish overall, but the setup targets a potential correction or short-term reversal.

RSI Indicator (~60):
RSI is above 60 but not overbought yet. This supports the idea that there's room for one more push up into resistance before a drop.



Mr SMC Trading point

Summary of the Idea:

1. Watch for price reaction around 1.14182.


2. If there's a clear rejection or double top, a short position may be considered.


3. Target area is around 1.10942.


4. The setup assumes a corrective move in a broader bullish trend.



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15 apr

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