1. Market Structure and Trend:
The overall structure shows a ranging market between the 106,000 resistance and 102,000 support.
After a clear break of the descending channel, the price briefly rallied but failed to sustain above key resistance.
2. Key Patterns Identified:
Descending Channel Breakout: The breakout around May 15th was followed by a strong bullish candle, suggesting a potential reversal. However, the price quickly reverted, indicating a possible bull trap.
Double Top Rejection: The peak near 105,000 formed a double top, a classic bearish reversal pattern, adding pressure to the downside.
3. Current Price Action:
The price is testing the lower half of this range, showing weakness as it approaches the 102,000 support level.
The recent bearish impulse and failed retest of resistance suggest sellers are regaining control.
4. Target Zone:
The "TARGET" label around 102,000 aligns with the lower range boundary and a significant demand zone, which previously sparked a sharp rally.
5. Outlook:
If 102,000 fails to hold, the next major support could be around the 100,000 psychological level.
On the upside, bulls need a clean break above 104,000 to regain momentum.
The overall structure shows a ranging market between the 106,000 resistance and 102,000 support.
After a clear break of the descending channel, the price briefly rallied but failed to sustain above key resistance.
2. Key Patterns Identified:
Descending Channel Breakout: The breakout around May 15th was followed by a strong bullish candle, suggesting a potential reversal. However, the price quickly reverted, indicating a possible bull trap.
Double Top Rejection: The peak near 105,000 formed a double top, a classic bearish reversal pattern, adding pressure to the downside.
3. Current Price Action:
The price is testing the lower half of this range, showing weakness as it approaches the 102,000 support level.
The recent bearish impulse and failed retest of resistance suggest sellers are regaining control.
4. Target Zone:
The "TARGET" label around 102,000 aligns with the lower range boundary and a significant demand zone, which previously sparked a sharp rally.
5. Outlook:
If 102,000 fails to hold, the next major support could be around the 100,000 psychological level.
On the upside, bulls need a clean break above 104,000 to regain momentum.
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📊 TRADING FREE FOREX SIGNALS
t.me/+EJ6aQJdhCgBmZmFk
🌐 Free Autotrading
🗞️ Daily Free Signals
🪃 99% Accuracy Signals
⚠️ Stop Loss & Take Profits
↘️ 👉 lucky person will join this link 👇 ⚙ Telegram Channel
t.me/+EJ6aQJdhCgBmZmFk
t.me/+EJ6aQJdhCgBmZmFk
🌐 Free Autotrading
🗞️ Daily Free Signals
🪃 99% Accuracy Signals
⚠️ Stop Loss & Take Profits
↘️ 👉 lucky person will join this link 👇 ⚙ Telegram Channel
t.me/+EJ6aQJdhCgBmZmFk
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.