Descending Trend Channel
The DXY has been moving within a descending trend channel. This indicates a continued downward momentum over the recent trading sessions.
On the downside, we have a significant support level that has been tested multiple times, highlighting the importance of this level to market participants.
Potential Bullish Breakout: Lately, we are seeing that the price is testing the upper boundary of the trend channel. A successful breakout above this level could signal a shift in market sentiment.
A breakout above the descending trend line could attract buyers looking for a change in trend, potentially driving the price upwards. A target of 103.60 has been set, representing a significant rise from the current level.
Look for confirmation of the breakout with high volume and a possible retest of the broken trend line, which may now act as support.
On the downside, we have a significant support level that has been tested multiple times, highlighting the importance of this level to market participants.
Potential Bullish Breakout: Lately, we are seeing that the price is testing the upper boundary of the trend channel. A successful breakout above this level could signal a shift in market sentiment.
A breakout above the descending trend line could attract buyers looking for a change in trend, potentially driving the price upwards. A target of 103.60 has been set, representing a significant rise from the current level.
Look for confirmation of the breakout with high volume and a possible retest of the broken trend line, which may now act as support.
Spira Scalper
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