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EUR price had a strong upward swing yesterday and successful rejection of the main resistance at 1.1174. I would watch for intraday selling opportunities due to potential exhaustion from buyers and rejection of the 10-day high at 1.1174.
Based on the market profile chart, the value for the current week is still moving lower and the price is trading above the value, which is potential chance for sellers to move back into the current week value range.
Important levels to watch based on the Profile:
Support level :
1.1111 – Current week POC
1.1094 – Current week node
Resistance levels:
1.1153 – Current week node
1.1175 – Current week high
Watch for selling opportunities on the rallies.
4H time-frame is telling the same story and potential rejection of the 10day high at 1.1175. There is also bearish engulfing pattern in the background, which is another sign of the weakness.
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