Market Analysis

A prior uptrend failed, leading to a sharp drop down to the major Support zone 2 around the 1.1450 level. However, strong buying pressure emerged from that low, initiating a powerful reversal and establishing the current market structure.

This new bullish phase has formed a well-defined Upward Wedge. The price successfully broke through Support 1 and tested the wedge's resistance. Currently, it's in a healthy corrective pullback and is testing the ascending support line of this wedge, which is a key area to watch.

My Scenario & Strategy

I'm looking for the price to complete its correction and find a solid floor on the ascending support line. A confirmed bounce from this dynamic support would be the key signal that the next impulsive move up is about to begin.

Therefore, the strategy is to watch for this bounce. A successful rebound would validate the long scenario. The primary target for the next wave higher is 1.1880, which would represent a new structural high within the Upward Wedge.

That's the setup I'm tracking. Thank you for your attention, and always manage your risk.

Update:

• price dropped, exiting from wedge;
• also, price broke support level and fell a little more;
• after declined, price turned around and started to grow

So, I expect that Euro will continue to move up and soon break support level again,thank you.