1. Resistance Zone Identified:
The red horizontal line at the top marks a resistance level, which has been tested multiple times.
Red arrows indicate potential selling pressure at this level.
2. Reversal Expectation:
The blue zigzag line suggests a rejection from the resistance area, implying a bearish move.
3. Downtrend Projection:
The analysis forecasts a decline toward the support level around 1.08000.
A series of lower highs and lower lows are anticipated.
Forecast:
If price respects the resistance level, a drop toward 1.08000 is likely.
A breakout above resistance would invalidate the bearish outlook, potentially leading to further upside movement.
Fundamental factors, such as upcoming economic events (marked at the bottom), could influence the price action.
The red horizontal line at the top marks a resistance level, which has been tested multiple times.
Red arrows indicate potential selling pressure at this level.
2. Reversal Expectation:
The blue zigzag line suggests a rejection from the resistance area, implying a bearish move.
3. Downtrend Projection:
The analysis forecasts a decline toward the support level around 1.08000.
A series of lower highs and lower lows are anticipated.
Forecast:
If price respects the resistance level, a drop toward 1.08000 is likely.
A breakout above resistance would invalidate the bearish outlook, potentially leading to further upside movement.
Fundamental factors, such as upcoming economic events (marked at the bottom), could influence the price action.
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.