The market is displaying a bearish structure, characterized by a series of lower highs and lower lows since peaking near 1.0920. Price action has recently retraced into a visible supply zone in the 1.0800–1.0820 region, encountering resistance and failing to break higher.
This pullback formed a tight consolidation with ascending trendline support, which has now been broken to the downside—signaling bearish continuation. The breakdown confirms weakness and the likely resumption of the downtrend.
The current move suggests that sellers are regaining control, and price may be targeting lower support levels near 1.0700 initially, with further downside potential toward 1.0660 if momentum persists.
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This pullback formed a tight consolidation with ascending trendline support, which has now been broken to the downside—signaling bearish continuation. The breakdown confirms weakness and the likely resumption of the downtrend.
The current move suggests that sellers are regaining control, and price may be targeting lower support levels near 1.0700 initially, with further downside potential toward 1.0660 if momentum persists.
___________________________________
Thanks for your support!
If you found this idea helpful, drop a like 🚀 and leave a comment, I’d love to hear your thoughts!
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.