Analysis & Forecast:
1. Support & Resistance:
The lower red zone marks a strong support level around 1.0830.
The upper red zone marks a resistance level near 1.0920.
2. Projected Price Movement:
The price is expected to retest the support zone before reversing upwards.
A bullish breakout towards the 1.0920 resistance level is anticipated.
3. Key Considerations:
If price fails to hold support, a bearish continuation could occur.
Volume and market conditions should confirm the anticipated uptrend.
Trading Strategy Suggestion:
Entry: Look for bullish confirmation near 1.0830.
Target: First target around 1.0880, then 1.0920.
Stop Loss: Below 1.0820 to manage risk.
1. Support & Resistance:
The lower red zone marks a strong support level around 1.0830.
The upper red zone marks a resistance level near 1.0920.
2. Projected Price Movement:
The price is expected to retest the support zone before reversing upwards.
A bullish breakout towards the 1.0920 resistance level is anticipated.
3. Key Considerations:
If price fails to hold support, a bearish continuation could occur.
Volume and market conditions should confirm the anticipated uptrend.
Trading Strategy Suggestion:
Entry: Look for bullish confirmation near 1.0830.
Target: First target around 1.0880, then 1.0920.
Stop Loss: Below 1.0820 to manage risk.
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.