EURUSD - Outlook for Week Commencing 13/01/2025

Bias for Week commencing 13/01/2025
The chart shows a clear downtrend, as indicated by:

• Lower highs and lower lows
  
• The price is trading below key resistance levels and within a descending channel (yellow lines)
  
• The histogram and oscillator suggest bearish momentum
  

Key Support and Resistance Levels
Support Levels:
1.0230–1.0250: Immediate support zone where price has recently reacted.
1.0150: A lower significant support level, visible as a historical pivot point.
Resistance Levels:
1.0350: Near the upper boundary of the descending channel.
1.0450: A higher resistance zone and an earlier swing high.

Scenario 1: Continuation of the Downtrend
Entry: Sell below 1.0230 (on confirmation of a breakdown).
Stop Loss (SL): Set above the 1.0280 resistance.
Take Profit (TP):
TP1: 1.0150 (next support zone).
TP2: 1.0100 (extension of bearish move).

Scenario 2: Pullback to Resistance
Entry: Sell near 1.0350 (if price retraces to this resistance).
Stop Loss (SL): Set above 1.0400.
Take Profit (TP):
TP1: 1.0250 (current support zone).
TP2: 1.0150 (next major support).

Scenario 3: Bullish Reversal
Look for a breakout above 1.0350 with strong bullish momentum to consider buys.
Entry: Buy above 1.0350 on confirmation.
Stop Loss (SL): Below 1.0300.
Take Profit (TP):
TP1: 1.0450 (next resistance).
TP2: 1.0500 (upper channel boundary).

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Disclaimer: This content is for educational purpose only and should not be considered financial advice.