The pair attempted to break above the 0.6200 resistance zone but failed, forming a rejection. This suggests potential bearish momentum ahead.
Market Structure: Still bearish overall, despite a short-term ascending channel.
Bearish Scenario: If price respects the 0.6200 resistance and breaks below the ascending channel, it could head towards 0.6000 as the next major support.
Confirmation Factors:
Price rejection at resistance.
Moving averages acting as resistance.
Possible breakdown of the ascending channel.
Market Structure: Still bearish overall, despite a short-term ascending channel.
Bearish Scenario: If price respects the 0.6200 resistance and breaks below the ascending channel, it could head towards 0.6000 as the next major support.
Confirmation Factors:
Price rejection at resistance.
Moving averages acting as resistance.
Possible breakdown of the ascending channel.
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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.