As it can be clearly inferred from the 8H timeframe chart, the price has spiked above the upper boundary of the descending channel plotted on the chart to grab liquidity and immediately dropped back. At the moment, we can see that the price is being unable to push lower and needs some pullback to recharge for further bearish moves.
Thus, we are waiting for the price to visit the 0.848 - 0.849 area of resistance before entering short positions and aiming for the 0.835 zone of support.
Thus, we are waiting for the price to visit the 0.848 - 0.849 area of resistance before entering short positions and aiming for the 0.835 zone of support.
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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.