Trend & Market Structure
The pair was in a downtrend, forming lower highs and lower lows within a descending channel.
A breakout has occurred, signaling a possible trend reversal or correction.
Key Levels & Zones
Support Zone: 0.8333 - 0.8340, where price found strong buying pressure.
Resistance Zone: 0.8372 - 0.8375, where price is currently testing.
Higher Resistance: 0.8423, the next key level if price breaks above 0.8375.
Possible Scenarios
Bullish Break & Retest (Most Likely)
If price holds above 0.8372, a retest of the breakout zone could confirm further upside.
Targets: 0.8414 - 0.8423.
Fakeout & Rejection
If price gets rejected at 0.8372 - 0.8375, it might drop back to 0.8333 before another attempt to push higher.
Conclusion
Bias: Bullish if price holds above 0.8372, bearish below 0.8360.
Watch for confirmation on the retest before entering long positions.
The pair was in a downtrend, forming lower highs and lower lows within a descending channel.
A breakout has occurred, signaling a possible trend reversal or correction.
Key Levels & Zones
Support Zone: 0.8333 - 0.8340, where price found strong buying pressure.
Resistance Zone: 0.8372 - 0.8375, where price is currently testing.
Higher Resistance: 0.8423, the next key level if price breaks above 0.8375.
Possible Scenarios
Bullish Break & Retest (Most Likely)
If price holds above 0.8372, a retest of the breakout zone could confirm further upside.
Targets: 0.8414 - 0.8423.
Fakeout & Rejection
If price gets rejected at 0.8372 - 0.8375, it might drop back to 0.8333 before another attempt to push higher.
Conclusion
Bias: Bullish if price holds above 0.8372, bearish below 0.8360.
Watch for confirmation on the retest before entering long positions.
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.
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.