📈 Timeframe: 1H
📊 Broker: OANDA
💹 Current Price: 161.798
Key Technical Levels & Analysis
Descending Trendline Breakout Attempt
The price is currently testing a long-term descending trendline (marked in blue).
A successful breakout above this level could indicate a bullish continuation towards the 164.000 supply zone.
Support & Resistance Zones
Major Support: 159.000
Resistance Levels:
Immediate Resistance: 161.800 - 162.000 (Trendline & Supply Zone)
Next Target: 164.000 (Major Resistance Zone)
Potential Scenarios
Bullish Breakout Confirmation:
If price breaks & retests the trendline successfully, long positions can target 164.000.
Rejection Scenario:
If price fails to hold above 161.800, we might see a pullback towards 159.000 before any bullish continuation.
Trading Plan
✅ Buy Entry: After confirmation of breakout & retest above 161.800
🎯 Target: 164.000
📉 Stop Loss: Below 161.000
Risk Management
Wait for candle close confirmation before entering a trade.
Avoid FOMO and ensure the risk-reward ratio is at least 1:2 or 1:3.
📊 Broker: OANDA
💹 Current Price: 161.798
Key Technical Levels & Analysis
Descending Trendline Breakout Attempt
The price is currently testing a long-term descending trendline (marked in blue).
A successful breakout above this level could indicate a bullish continuation towards the 164.000 supply zone.
Support & Resistance Zones
Major Support: 159.000
Resistance Levels:
Immediate Resistance: 161.800 - 162.000 (Trendline & Supply Zone)
Next Target: 164.000 (Major Resistance Zone)
Potential Scenarios
Bullish Breakout Confirmation:
If price breaks & retests the trendline successfully, long positions can target 164.000.
Rejection Scenario:
If price fails to hold above 161.800, we might see a pullback towards 159.000 before any bullish continuation.
Trading Plan
✅ Buy Entry: After confirmation of breakout & retest above 161.800
🎯 Target: 164.000
📉 Stop Loss: Below 161.000
Risk Management
Wait for candle close confirmation before entering a trade.
Avoid FOMO and ensure the risk-reward ratio is at least 1:2 or 1:3.
Related publications
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.
Related publications
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.