EURUSD: Watch for Price Action at 1.16000 Support

The price is moving down and it is not far from 1.16000 support. You can see how the price acted at this zone in the past.

If we get a reversal from this zone, it will be possible to use this signal for buying. Search for the exact trading setups in the hourly timeframes. It will give better entry points and the risk-reward ratio.

If the price breaks the support, it will be a bearish signal. We will be able to search for entry points for short trades using the hourly timeframes as well. But I would like to ignore the breakout signal and used reversals for shorting. When the price retests the broken resistance zone or when we get a reversal signal from MAs, it will be a good setup to open short trades.

Watch for the price action at 1.16000 support.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.