The counter is currently in a broadening wedge pattern.
It hit the resistive trendline, consolidated a bit and then fell down sharply.
Now, it has broken a critical support level which can cap a bullish rally from now on.
Hence, traders can short the pair and expect a plunge towards the lower end of the range.
It hit the resistive trendline, consolidated a bit and then fell down sharply.
Now, it has broken a critical support level which can cap a bullish rally from now on.
Hence, traders can short the pair and expect a plunge towards the lower end of the range.
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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.