📊 Technical Overview
1. Chart Pattern: Double Bottom (Potential Reversal)
The chart highlights a possible double bottom formation near the 1.32700 – 1.32800 support zone, which is a classic bullish reversal pattern.
The second bottom is slightly higher than the first, showing buying interest stepping in earlier — a bullish sign.
2. Trendline & Structure Break
A descending trendline has been drawn connecting the recent lower highs.
The price is approaching the trendline for a breakout. A break and close above this structure would confirm the double bottom and trigger a bullish reversal scenario.
3. Support Zone
Marked in purple and yellow, the support zone around 1.32600 – 1.32800 has held strong multiple times.
Each retest has produced a bullish reaction, indicating strong buying interest in this region.
✅ Trade Idea (If Confirmation Occurs)
Entry: Above 1.3300 (after trendline break and retest)
Stop Loss: Below 1.32700
Take Profit Zones:
TP1: 1.33450 (near recent swing high)
TP2: 1.33800 (prior resistance zone)
⚠️ Key Considerations
Wait for a confirmed break and retest of the trendline — premature entries could result in false breakouts.
Watch for U.S. economic news (like jobless claims or Fed speakers) that might increase volatility.
1. Chart Pattern: Double Bottom (Potential Reversal)
The chart highlights a possible double bottom formation near the 1.32700 – 1.32800 support zone, which is a classic bullish reversal pattern.
The second bottom is slightly higher than the first, showing buying interest stepping in earlier — a bullish sign.
2. Trendline & Structure Break
A descending trendline has been drawn connecting the recent lower highs.
The price is approaching the trendline for a breakout. A break and close above this structure would confirm the double bottom and trigger a bullish reversal scenario.
3. Support Zone
Marked in purple and yellow, the support zone around 1.32600 – 1.32800 has held strong multiple times.
Each retest has produced a bullish reaction, indicating strong buying interest in this region.
✅ Trade Idea (If Confirmation Occurs)
Entry: Above 1.3300 (after trendline break and retest)
Stop Loss: Below 1.32700
Take Profit Zones:
TP1: 1.33450 (near recent swing high)
TP2: 1.33800 (prior resistance zone)
⚠️ Key Considerations
Wait for a confirmed break and retest of the trendline — premature entries could result in false breakouts.
Watch for U.S. economic news (like jobless claims or Fed speakers) that might increase volatility.
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.