A false breakout was formed in the area of 1.0400, where sellers' stop losses were collected. After that, the price rose sharply to the key resistance at 1.053. This level limits the market from further growth
Support: 1.0400, 1.0475 (key retest zone)
Resistance: 1.0530, 1.0629, 1.0682
Market Structure:
On the lower timeframes (4H), the price has broken the previous highs, which confirms the upward momentum.
Locally, a pullback to 1.0475 is possible before the growth continues.
Accumulation range:
We can see a consolidation phase between 1.0400 and 1.0475, after which the price impulsively went up.
The next consolidation may occur around 1.0475-1.0530 before an upside breakout.
Conclusion:
Expecting a correction to 1.0475 where buyers may activate.
Main scenario: Continued growth to 1.0530, then to 1.0629 and 1.0682.
Support: 1.0400, 1.0475 (key retest zone)
Resistance: 1.0530, 1.0629, 1.0682
Market Structure:
On the lower timeframes (4H), the price has broken the previous highs, which confirms the upward momentum.
Locally, a pullback to 1.0475 is possible before the growth continues.
Accumulation range:
We can see a consolidation phase between 1.0400 and 1.0475, after which the price impulsively went up.
The next consolidation may occur around 1.0475-1.0530 before an upside breakout.
Conclusion:
Expecting a correction to 1.0475 where buyers may activate.
Main scenario: Continued growth to 1.0530, then to 1.0629 and 1.0682.
❤️ Telegram channel: t.me/AndeWave
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.
❤️ Telegram channel: t.me/AndeWave
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.