Structure Overview:
The market has been ranging within a clear horizontal consolidation zone, with two key zones:
Support Zone: 1.32600 - 1.33000 (gray box at the bottom)
Resistance Zone: 1.33500 - 1.33800 (gray box at the top)
Price recently broke above the upper consolidation range, suggesting bullish momentum.
🔍 Analysis:
The pair has broken out of the consolidation range after multiple rejections from the support zone.
We now look for a potential retest of the previous resistance (1.33500 area) as new support.
Two potential bullish continuation scenarios are highlighted:
📌 Trade Plan:
Scenario 1 – Immediate Continuation:
If price holds above 1.33500, look for bullish continuation toward:
TP1: 1.34026
TP2: 1.34208
Scenario 2 – Retest Setup:
Wait for a pullback to the 1.33000–1.33500 zone.
Confirmation of bullish rejection (e.g., bullish engulfing or pin bar) could provide a high-probability long setup.
Entry: After bullish confirmation in retest zone
SL: Below 1.33000 (invalidates breakout)
TP: 1.34026 / 1.34208
📉 Invalidations:
A clean break and close below 1.33000 may suggest a failed breakout, putting 1.32600 back into play.
🧠 Bias: Bullish (as long as 1.33000 holds)
🕒 Timeframe: 4H
The market has been ranging within a clear horizontal consolidation zone, with two key zones:
Support Zone: 1.32600 - 1.33000 (gray box at the bottom)
Resistance Zone: 1.33500 - 1.33800 (gray box at the top)
Price recently broke above the upper consolidation range, suggesting bullish momentum.
🔍 Analysis:
The pair has broken out of the consolidation range after multiple rejections from the support zone.
We now look for a potential retest of the previous resistance (1.33500 area) as new support.
Two potential bullish continuation scenarios are highlighted:
📌 Trade Plan:
Scenario 1 – Immediate Continuation:
If price holds above 1.33500, look for bullish continuation toward:
TP1: 1.34026
TP2: 1.34208
Scenario 2 – Retest Setup:
Wait for a pullback to the 1.33000–1.33500 zone.
Confirmation of bullish rejection (e.g., bullish engulfing or pin bar) could provide a high-probability long setup.
Entry: After bullish confirmation in retest zone
SL: Below 1.33000 (invalidates breakout)
TP: 1.34026 / 1.34208
📉 Invalidations:
A clean break and close below 1.33000 may suggest a failed breakout, putting 1.32600 back into play.
🧠 Bias: Bullish (as long as 1.33000 holds)
🕒 Timeframe: 4H
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.