Current Price Level: Around 0.87678.
Support Zone: The lower red box indicates a potential support level, suggesting that if the price holds above this area, an upward move could follow.
Projected Target: The blue arrow points to a bullish move toward the 0.88200 resistance area (upper red box).
Market Trend: While the pair has been in a downtrend, this forecast anticipates a rebound from the support zone.
Trading Outlook:
Bullish Scenario: If the price remains above the lower support zone and gains momentum, it could rise toward the 0.88200 level.
Bearish Scenario: If the support fails, the pair might continue its downward movement.
This forecast aligns with a short-term bullish correction within a broader downtrend. Traders should watch for confirmation signals like increased buying volume or bullish candlestick patterns.
Support Zone: The lower red box indicates a potential support level, suggesting that if the price holds above this area, an upward move could follow.
Projected Target: The blue arrow points to a bullish move toward the 0.88200 resistance area (upper red box).
Market Trend: While the pair has been in a downtrend, this forecast anticipates a rebound from the support zone.
Trading Outlook:
Bullish Scenario: If the price remains above the lower support zone and gains momentum, it could rise toward the 0.88200 level.
Bearish Scenario: If the support fails, the pair might continue its downward movement.
This forecast aligns with a short-term bullish correction within a broader downtrend. Traders should watch for confirmation signals like increased buying volume or bullish candlestick patterns.
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.