📉Market Structure:
The pair has been in an uptrend, forming a rising channel. However, price is now facing strong resistance around 1.2936 - 1.3009, showing signs of exhaustion. A potential reversal could be forming.
🔍 Key Levels:
Resistance Zone: 1.2936 - 1.3009
Current Price: 1.2936
Target Support: 1.2208
📊 Trade Idea:
A rejection from the resistance zone could initiate a bearish move.
A confirmed breakdown below 1.2900 may trigger further downside toward the 1.2208 target zone.
Stop-loss placed above the 1.3009 resistance to manage risk.
🚨 Confirmation & Risk Management:
Bearish Confirmation: Rejection from resistance with strong selling momentum.
Invalidation: A breakout above 1.3009, indicating bullish continuation.
Risk Management: Stop-loss at 1.3009 with a favorable risk-to-reward ratio.
This setup suggests a short opportunity if price respects resistance and begins a downward move. Traders should watch for confirmation signals before entering.
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.