The pair has been in a clear downtrend, forming a bottom around the 1.3665 area, followed by a noticeable bullish rebound with consecutive bullish candles.
Key Support Zone:
1.3665 – Represents the recent bottom and a significant reversal point.
Upcoming Resistance Levels:
1.3818: A horizontal resistance that has been tested multiple times and is close to the current price.
1.3860 – 1.3880: A strong resistance zone, marking a previous reversal point.
1.3920 – 1.3950: The next resistance zone after a breakout, corresponding to a prior lower high.
Bullish Scenario (currently more likely):
If the upward momentum continues, price may reach the 1.3860 zone and potentially break above it toward 1.3920, provided it stabilizes above 1.3818.
Bearish Scenario (if the rally fails):
If the price forms a reversal candle near 1.3818 and fails to break through, a pullback may occur toward 1.3730, and possibly retest 1.3665.
Key Support Zone:
1.3665 – Represents the recent bottom and a significant reversal point.
Upcoming Resistance Levels:
1.3818: A horizontal resistance that has been tested multiple times and is close to the current price.
1.3860 – 1.3880: A strong resistance zone, marking a previous reversal point.
1.3920 – 1.3950: The next resistance zone after a breakout, corresponding to a prior lower high.
Bullish Scenario (currently more likely):
If the upward momentum continues, price may reach the 1.3860 zone and potentially break above it toward 1.3920, provided it stabilizes above 1.3818.
Bearish Scenario (if the rally fails):
If the price forms a reversal candle near 1.3818 and fails to break through, a pullback may occur toward 1.3730, and possibly retest 1.3665.
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.