The pair has completed a textbook bearish flag pattern on the 4H timeframe, signaling a continuation of the strong downward move that started in early April. The recent consolidation channel (flag) has broken to the downside, confirming bearish momentum.
🔻 Technical Breakdown:
Price rallied in a corrective upward-sloping channel (bearish flag) following a steep sell-off.
Breakdown occurred with high volume and a strong bearish candle closing below channel support.
RSI has crossed below 50 and is heading lower, aligning with downside momentum.
Immediate support targets:
First: 1.0065
Final target: 1.0200 zone (projected based on flagpole height)
🔹 Trade Plan Summary:
Entry: Breakdown of the flag at ~1.0950
Stop-loss: Above the flag resistance near 1.1100
Take-profit 1: 1.0065
Take-profit 2: 1.0200 (conservative)
Extended TP: Potential extension further if momentum sustains
🛑 Risk Note: Be cautious of short-term pullbacks; a retest of the broken flag support could occur before continuation.
🔻 Technical Breakdown:
Price rallied in a corrective upward-sloping channel (bearish flag) following a steep sell-off.
Breakdown occurred with high volume and a strong bearish candle closing below channel support.
RSI has crossed below 50 and is heading lower, aligning with downside momentum.
Immediate support targets:
First: 1.0065
Final target: 1.0200 zone (projected based on flagpole height)
🔹 Trade Plan Summary:
Entry: Breakdown of the flag at ~1.0950
Stop-loss: Above the flag resistance near 1.1100
Take-profit 1: 1.0065
Take-profit 2: 1.0200 (conservative)
Extended TP: Potential extension further if momentum sustains
🛑 Risk Note: Be cautious of short-term pullbacks; a retest of the broken flag support could occur before continuation.
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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.