1. Trend Identification
Bullish Trend: The price has been in a strong uptrend, trading well above the 200-period moving average (blue line), indicating continued buying interest.
Current Consolidation: The price is moving sideways near 1.0844 (Point of Control - POC), suggesting accumulation before a potential breakout or breakdown.
2. Key Support & Resistance Levels
Immediate Resistance: 1.0885 - 1.0900 (recent highs).
Immediate Support: 1.0844 (POC level) – a crucial liquidity zone.
Stronger Support: 1.0800 (psychological level and near the moving average).
Upside Targets: 1.1000 - 1.1100 (upper channel projection).
3. Volume Analysis
Last 120 Bars Volume: Up Vol > Down Vol by 37.23%, indicating strong bullish dominance.
Last 60 Bars Volume: Up Vol > Down Vol by 3.44%, showing that buyers are still in control, but with less dominance than the broader trend.
4. Chart Patterns & Projections
The projected path (blue and red channels) suggests two scenarios:
Bullish breakout above 1.0900, with a move toward 1.1000 - 1.1100.
Bearish breakdown below 1.0840, leading to a retracement toward 1.0700 - 1.0600.
Trade Setups & Risk Management
1. Long Trade Setup (Bullish Scenario)
Entry: Buy on breakout above 1.0900.
Stop-Loss: Below 1.0840 (previous support).
Targets:
First Target: 1.1000 (psychological level).
Final Target: 1.1100 (upper channel boundary).
Risk-Reward Ratio: 1:3 or better.
2. Short Trade Setup (Bearish Breakdown Scenario)
Entry: Sell below 1.0840 (confirmed breakdown).
Stop-Loss: Above 1.0900.
Targets:
First Target: 1.0700 (mid-channel support).
Final Target: 1.0600 (lower channel boundary).
Risk-Reward Ratio: 1:2 or better.
Bullish Trend: The price has been in a strong uptrend, trading well above the 200-period moving average (blue line), indicating continued buying interest.
Current Consolidation: The price is moving sideways near 1.0844 (Point of Control - POC), suggesting accumulation before a potential breakout or breakdown.
2. Key Support & Resistance Levels
Immediate Resistance: 1.0885 - 1.0900 (recent highs).
Immediate Support: 1.0844 (POC level) – a crucial liquidity zone.
Stronger Support: 1.0800 (psychological level and near the moving average).
Upside Targets: 1.1000 - 1.1100 (upper channel projection).
3. Volume Analysis
Last 120 Bars Volume: Up Vol > Down Vol by 37.23%, indicating strong bullish dominance.
Last 60 Bars Volume: Up Vol > Down Vol by 3.44%, showing that buyers are still in control, but with less dominance than the broader trend.
4. Chart Patterns & Projections
The projected path (blue and red channels) suggests two scenarios:
Bullish breakout above 1.0900, with a move toward 1.1000 - 1.1100.
Bearish breakdown below 1.0840, leading to a retracement toward 1.0700 - 1.0600.
Trade Setups & Risk Management
1. Long Trade Setup (Bullish Scenario)
Entry: Buy on breakout above 1.0900.
Stop-Loss: Below 1.0840 (previous support).
Targets:
First Target: 1.1000 (psychological level).
Final Target: 1.1100 (upper channel boundary).
Risk-Reward Ratio: 1:3 or better.
2. Short Trade Setup (Bearish Breakdown Scenario)
Entry: Sell below 1.0840 (confirmed breakdown).
Stop-Loss: Above 1.0900.
Targets:
First Target: 1.0700 (mid-channel support).
Final Target: 1.0600 (lower channel boundary).
Risk-Reward Ratio: 1:2 or better.
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.