The market has been corrective for awhile and have formed significant rejections at the key resistance.
Recent momentum is leaning towards bearish as the ascending trendline and minor support was already broken out.
An upside recovery would require the market to find support near 84.71 level and break resistance at 85.1
Key Factors:
- Broken out trendline and triangle with a strong bear impulse
- Price appears to be consolidated and making its way to retest the previously broken out support
- Further downside potentials towards next level of major support
Entry Conditions:
- Selling at previous support ~ current resistance (B) once downside confirmations are formed
- Targeting a conservative downside movement towards 84.00 level and risk managed above the current resistance zone on 1:2-1:3 RRR trade
Recent momentum is leaning towards bearish as the ascending trendline and minor support was already broken out.
An upside recovery would require the market to find support near 84.71 level and break resistance at 85.1
Key Factors:
- Broken out trendline and triangle with a strong bear impulse
- Price appears to be consolidated and making its way to retest the previously broken out support
- Further downside potentials towards next level of major support
Entry Conditions:
- Selling at previous support ~ current resistance (B) once downside confirmations are formed
- Targeting a conservative downside movement towards 84.00 level and risk managed above the current resistance zone on 1:2-1:3 RRR trade
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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.