#EURUSD has reached the major 1.1300 support zone and buyers have stepped in. Will this offer a reversal trading opportunity?

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EURUSD Weekly Chart

The EURUSD price has reached out downside targets of 1.1300 as the USD strength drove prices lower. However, the USD index has found resistance and started to see selling pressure. This has seen EURUSD prices rise from the support as this chart is the inverse of the USD index. 

Looking at the weekly chart we can see that the price is in a strong downward trend however the price has now retested the support that hasn’t been tested for some time. This could lead to some short term upside as the market may re-enter a retracement phase. If the price does retrace we could see some short term reversal trading opportunities.

The 4hr Trend

The 4hr trend is showing buyers currently but not enough to want us to trade a reversal just yet. If the price was to form a higher low and higher high pattern we can assume the price is in the reversal phase and that we could look for long ideas. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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