EUR/USD: Retesting QML Zone for a Potential Bullish Reversal

9 Okt

Hi Guys!

After breaking out from the previous range, EUR/USD has been respecting the ascending trendline quite well. Recently, the price pulled back toward the QML zone (marked in purple), which has acted as a strong demand area in the past.

We can see that price engulfed the last high before starting this correction phase, which indicates buyers are still dominant in the larger structure. Now the pair is retesting this demand area and the trendline simultaneously.

As long as the QML zone holds, I expect a reversal toward 1.175–1.185 in the coming days.
However, a clean break below 1.1550 would invalidate this setup and open the door for a deeper correction.

Bias: Bullish from demand zone
Key levels to watch:

• Support: 1.1550 – 1.1580
  
• Resistance: 1.1750 / 1.1850
  

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11 Okt

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26 Okt

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Close 60% of it in profit!