Key Observations:
Supply Zone (M15):
The red-highlighted area marks a 15-minute supply zone where price previously reversed sharply, indicating strong seller presence.
The price has tested this zone and reacted bearishly, suggesting a potential sell opportunity.
Market Structure:
The chart follows a higher high (HH) and higher low (HL) formation, but then breaks down into a lower high (LH) and lower low (LL) structure.
This indicates a shift in momentum from bullish to bearish.
Bearish Expectation:
The black arrow projects a further downward movement after price retested the supply zone and failed to break higher.
The next key support level appears around 2.2440 – 2.2460, making it a probable target for shorts.
Key Price Levels:
Resistance (Supply Zone & Highs): 2.26705
Current Price: 2.26023
Support Target: 2.25996 (near-term) & 2.24400 (extended target)
Trading Outlook:
Bearish Bias: The break of previous lows suggests sellers are in control.
Entry Consideration: A pullback toward the supply zone (2.2640 - 2.2670) could offer a better short entry.
Risk Management: A stop-loss above the supply zone (2.2680+) can help manage risk.
Take-Profit Levels:
TP1: 2.2595 (minor support)
TP2: 2.2440 (main bearish target)
Supply Zone (M15):
The red-highlighted area marks a 15-minute supply zone where price previously reversed sharply, indicating strong seller presence.
The price has tested this zone and reacted bearishly, suggesting a potential sell opportunity.
Market Structure:
The chart follows a higher high (HH) and higher low (HL) formation, but then breaks down into a lower high (LH) and lower low (LL) structure.
This indicates a shift in momentum from bullish to bearish.
Bearish Expectation:
The black arrow projects a further downward movement after price retested the supply zone and failed to break higher.
The next key support level appears around 2.2440 – 2.2460, making it a probable target for shorts.
Key Price Levels:
Resistance (Supply Zone & Highs): 2.26705
Current Price: 2.26023
Support Target: 2.25996 (near-term) & 2.24400 (extended target)
Trading Outlook:
Bearish Bias: The break of previous lows suggests sellers are in control.
Entry Consideration: A pullback toward the supply zone (2.2640 - 2.2670) could offer a better short entry.
Risk Management: A stop-loss above the supply zone (2.2680+) can help manage risk.
Take-Profit Levels:
TP1: 2.2595 (minor support)
TP2: 2.2440 (main bearish target)
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.