Key Observations:
Rising Wedge Breakdown:
The price initially formed a rising wedge near resistance.
The wedge broke down, indicating bearish momentum.
Support and Resistance Levels:
Resistance Zone: Around 1.3014 – 1.3027, marking a strong rejection area.
Support Zone: Around 1.2933 – 1.2843, where price previously bounced.
Strong Support: Around 1.2627, marked as the target area for a bearish move.
Bearish Setup:
A range-bound consolidation occurred after the breakdown.
The chart marks a sell signal, suggesting a move toward the 1.2627 target zone.
Trading Idea:
Entry: Sell after confirmation below 1.2933.
Target: 1.2627 (major support level).
Stop-Loss: Above 1.3014 (resistance level).
This setup suggests a potential bearish continuation, with price expected to decline further if support breaks. Always confirm with volume and market conditions before entering a trade.
Rising Wedge Breakdown:
The price initially formed a rising wedge near resistance.
The wedge broke down, indicating bearish momentum.
Support and Resistance Levels:
Resistance Zone: Around 1.3014 – 1.3027, marking a strong rejection area.
Support Zone: Around 1.2933 – 1.2843, where price previously bounced.
Strong Support: Around 1.2627, marked as the target area for a bearish move.
Bearish Setup:
A range-bound consolidation occurred after the breakdown.
The chart marks a sell signal, suggesting a move toward the 1.2627 target zone.
Trading Idea:
Entry: Sell after confirmation below 1.2933.
Target: 1.2627 (major support level).
Stop-Loss: Above 1.3014 (resistance level).
This setup suggests a potential bearish continuation, with price expected to decline further if support breaks. Always confirm with volume and market conditions before entering a trade.
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.