The price recently broke above a long-term trendline but showed signs of exhaustion near a key resistance zone. I expect a potential reversal from the current level, targeting the Fibonacci retracement zones at:
0.38 Fibo: Possible short-term bounce area
0.78 Fibo: Final target zone for the bearish move
The current structure suggests a fake breakout followed by a deeper correction. I’ll be watching for bearish confirmation patterns on the lower timeframes before entering.
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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.