Vladimir Ribakov analyzes EUR/USD, identifying a key resistance zone retested last week and a three-wave corrective pattern on the 4-hour chart. A volume-profile balance zone near a rising trend line suggests downside potential, with the euro likely to move back into or below its established range as long as daily supply levels hold.
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So the EUR/USD, last week we were talking about this as a key zone where our anticipation was the euro reaches this zone and from there starts some correction to the downside. My view did not change. The levels exactly, uh, retesting exactly as we wanted to see. Let's take a look on the daily chart. This high is cleaned, retested. This high is still holding. this high is still holding. So from my point of view, we are in a key zone where the EUR/USD is very likely to push to the downside. Another very interesting fact here is that the 4-hour chart developed kind of 3 beautiful waves from my point of view. Usually that's a sign that we are heading to a corrective movement before the market will decide what's coming next. So the way I see that These fake peaks, one after another, that the market created hint that we should see the euro-dollar pushing down. I believe the euro is heading back to inside this range, maybe even beyond. There is a massive volume profile-based balance zone at that area together with this rising trend line. There is a good chance we're gonna see the euro pushing even Down to there. So the way I see that, as long as the daily supply levels hold, I am bearish on the euro. And from there, good chances the buyers will try to take control again. But
