Forecast & Technical Analysis:
1. Support & Resistance:
Support Zone: The lower red area near 1.2940 - 1.2950 is acting as a strong support level.
Resistance Zone: The upper red area around 1.3015 - 1.3030 is the expected resistance level.
2. Projected Price Movement:
The price is expected to bounce from the support zone, consolidating briefly before initiating an upward movement.
A bullish breakout is forecasted, targeting the 1.3015 - 1.3030 level.
3. Trading Considerations:
If price holds support, a buying opportunity arises with a stop loss below 1.2935.
If price fails to hold, a deeper retracement could occur before resuming the uptrend.
Trading Strategy:
Entry: Look for a bullish confirmation in the 1.2940 - 1.2950 support range.
Target: First target at 1.3000, then 1.3030.
Stop Loss: Below 1.2935 to minimize risk.
1. Support & Resistance:
Support Zone: The lower red area near 1.2940 - 1.2950 is acting as a strong support level.
Resistance Zone: The upper red area around 1.3015 - 1.3030 is the expected resistance level.
2. Projected Price Movement:
The price is expected to bounce from the support zone, consolidating briefly before initiating an upward movement.
A bullish breakout is forecasted, targeting the 1.3015 - 1.3030 level.
3. Trading Considerations:
If price holds support, a buying opportunity arises with a stop loss below 1.2935.
If price fails to hold, a deeper retracement could occur before resuming the uptrend.
Trading Strategy:
Entry: Look for a bullish confirmation in the 1.2940 - 1.2950 support range.
Target: First target at 1.3000, then 1.3030.
Stop Loss: Below 1.2935 to minimize 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.