🔍 Preliminary Technical Analysis:
1. Short-term Trend: The pair appears to be undergoing a corrective move downward after a clear upward trend from around 1.1200 to above 1.1500.
2. Nearby Resistance: Located in the 1.1450 to 1.1500 area.
3. Nearby Support: The 1.1350 level is acting as a potential support; breaking below it may push the price toward 1.1300 or even 1.1250.
4. Price Pattern: There's a possibility of a double top formation or a corrective ABC pattern.
🧠 Likely Scenario (Not Guaranteed):
If the price continues to move below 1.1450 and fails to form higher highs, we might see a further drop toward:
Target 1: 1.1350
Target 2: 1.1300
However, if the price breaks above the 1.1450 area and holds, an upward move toward 1.1500 and possibly 1.1550 could occur.
🛠️ Recommendations:
Watch how the price behaves around 1.1350: Is there a reversal candle pattern or a strong breakout?
Use supporting indicators like RSI or MACD to confirm momentum.
Avoid entering trades without confirmation from candlestick patterns or breakouts.
1. Short-term Trend: The pair appears to be undergoing a corrective move downward after a clear upward trend from around 1.1200 to above 1.1500.
2. Nearby Resistance: Located in the 1.1450 to 1.1500 area.
3. Nearby Support: The 1.1350 level is acting as a potential support; breaking below it may push the price toward 1.1300 or even 1.1250.
4. Price Pattern: There's a possibility of a double top formation or a corrective ABC pattern.
🧠 Likely Scenario (Not Guaranteed):
If the price continues to move below 1.1450 and fails to form higher highs, we might see a further drop toward:
Target 1: 1.1350
Target 2: 1.1300
However, if the price breaks above the 1.1450 area and holds, an upward move toward 1.1500 and possibly 1.1550 could occur.
🛠️ Recommendations:
Watch how the price behaves around 1.1350: Is there a reversal candle pattern or a strong breakout?
Use supporting indicators like RSI or MACD to confirm momentum.
Avoid entering trades without confirmation from candlestick patterns or breakouts.
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.
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.