Price has been respecting a clear downtrend after a significant 1.73% drop (-275 pips). Following the breakdown, we saw a pullback to retest the trendline, which held as resistance.
Now, price is consolidating tightly between 1.56182 support and the 1.56646 resistance zone. A breakout from this range could provide the next direction.
Bullish Breakout Scenario:
If price breaks above 1.56646, possible upside targets are:
1st Target.57982
2nd Target 58721
3rd Target.59449
Support to Watch:
1.56492 (minor)
1.56182 (key support level)
This setup reflects typical price behavior around trendlines and consolidation zones. Watching closely for confirmation before taking action is essential. Risk management remains key.
Now, price is consolidating tightly between 1.56182 support and the 1.56646 resistance zone. A breakout from this range could provide the next direction.
Bullish Breakout Scenario:
If price breaks above 1.56646, possible upside targets are:
1st Target.57982
2nd Target 58721
3rd Target.59449
Support to Watch:
1.56492 (minor)
1.56182 (key support level)
This setup reflects typical price behavior around trendlines and consolidation zones. Watching closely for confirmation before taking action is essential. Risk management remains key.
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