FX.co ★ Ambar Hassan | EUR/USD

I observed this sawtooth decline, and I must admit it was exactly what I had anticipated from the very beginning of this market movement. I watched the price action unfold with a sense of detached recognition, as I had mapped out this scenario in my analysis days ago. Consequently, I found myself moving toward the 1.1822 level without any real enthusiasm or sense of urgency, since I knew this moment was coming. I had been expecting to see a slightly lower price point before I would consider committing to a buy position on the EURUSD currency pair, and I stuck firmly to this predetermined plan. Therefore, even though I could see the potential for a technical rebound forming at any moment, I deliberately chose not to enter any buy orders. I did, however, manage to register some profitable sales from the 1.207 level for the second time in this trading sequence, which provided some consolation for my patience. I remind myself that even if the market decides to continue its upward rally from these current price levels without breaking through key resistance, I won't feel too disappointed with my overall position

I now observe that we have almost reached what I consider to be the minimum correction targets sitting at 1.1860, which represents an important technical milestone in this journey. I note that the old support-turned-resistance zone at 1.19+ remains slightly above our current trading level, and I am watching this area with keen interest. I have been contemplating various scenarios, and I acknowledge there is speculation among traders about a potential attempt to push higher toward the 1.1960+ region before experiencing another downward reversal. I must emphasize, however, that I recognize this is merely speculative thinking on my part, since the market has a tendency to surprise even the most prepared traders. I am acutely aware that if we manage to break decisively below the 1.1794 level and establish a firm consolidation beneath it, I will need to adjust my sights to the next lower support zone, which I have already identified around the 1.1730 area. I continue to monitor these developments with a balanced perspective, knowing that my disciplined approach to waiting for my ideal entry points will serve me well in the long run, regardless of the short-term market noise and fluctuations that I am currently witnessing.