Lingrid | EURUSD rejected the SUPPORT Level twice. Long

The price perfectly fulfilled my previous idea. It reached the target level. The market bounced off the demand zone. EURUSD made a weak lower low, which suggested that bulls took control. Price action formed double-long-tailed bars on the weekly timeframe. We can see that it took liquidity below 1.07000 and then rebounded. The price is also forming a potential inverse head-and-shoulders pattern. Overall, I expect a breakout upside, then retest the next resistance. My goal is the resistance zone at 1.08450.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

On the daily timeframe, the market formed three dojo candles. EURUSD is moving sideways after bouncing off the support level. It is basically squeezed between support and resistance. I think the market is in the accumulation phase, which will lead to distribution. Also, on the lower timeframe, we have relatively equal lows. I expect to grab liquidity below these lows, retest the recent support where the price made the impulse leg upside, and then move toward resisitance, potentially breaking the channel. My goal is the resistance zone at 1.08060

Trade closed: target reached:

The price hit target level.