The price appears to be attempting a breakout from a consolidation zone, suggesting a potential bullish momentum.
If the price breaks and holds above 1.33346, it could aim for the second target at 1.33967.
1. Current Market Structure
The pair is recovering from a significant downtrend, as seen from the lower lows and lower highs leading up to the 11th.
Recently, it formed a higher low, indicating a potential trend reversal or correction phase.
2. Key Support and Resistance Zones
Support Zone: Around 1.32000 - 1.32500, where buyers have previously stepped in.
Resistance Zones:
1.33346 – Immediate resistance, a key hurdle for further upside.
1.33967 – Stronger resistance, where sellers might become more aggressive.
3. Price Action Signals
The price is currently consolidating below the 1.33346 level, building potential momentum for a breakout.
There's a possible double-bottom pattern forming, which can indicate a bullish reversal if the neckline (1.33346) is broken.
4. Potential Scenarios
Bullish Scenario:
Break above 1.33346 with a strong close could target the 1.33967 level.
Clear breakout and retest confirmation can further strengthen the bullish case.
Bearish Scenario:
Rejection at 1.33346 could trigger a pullback towards the lower support around 1.32000.
5. Risk Management Considerations
Consider tight stop losses below recent swing lows if entering on a breakout.
Use the 1.33346 level as a critical decision point to adjust your risk exposure
If the price breaks and holds above 1.33346, it could aim for the second target at 1.33967.
1. Current Market Structure
The pair is recovering from a significant downtrend, as seen from the lower lows and lower highs leading up to the 11th.
Recently, it formed a higher low, indicating a potential trend reversal or correction phase.
2. Key Support and Resistance Zones
Support Zone: Around 1.32000 - 1.32500, where buyers have previously stepped in.
Resistance Zones:
1.33346 – Immediate resistance, a key hurdle for further upside.
1.33967 – Stronger resistance, where sellers might become more aggressive.
3. Price Action Signals
The price is currently consolidating below the 1.33346 level, building potential momentum for a breakout.
There's a possible double-bottom pattern forming, which can indicate a bullish reversal if the neckline (1.33346) is broken.
4. Potential Scenarios
Bullish Scenario:
Break above 1.33346 with a strong close could target the 1.33967 level.
Clear breakout and retest confirmation can further strengthen the bullish case.
Bearish Scenario:
Rejection at 1.33346 could trigger a pullback towards the lower support around 1.32000.
5. Risk Management Considerations
Consider tight stop losses below recent swing lows if entering on a breakout.
Use the 1.33346 level as a critical decision point to adjust your risk exposure
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Disclaimer
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📊 TRADING FREE FOREX SIGNALS
t.me/+EJ6aQJdhCgBmZmFk
🌐 Free Autotrading
🗞️ Daily Free Signals
🪃 99% Accuracy Signals
⚠️ Stop Loss & Take Profits
↘️ 👉 lucky person will join this link 👇 ⚙ Telegram Channel
t.me/+EJ6aQJdhCgBmZmFk
t.me/+EJ6aQJdhCgBmZmFk
🌐 Free Autotrading
🗞️ Daily Free Signals
🪃 99% Accuracy Signals
⚠️ Stop Loss & Take Profits
↘️ 👉 lucky person will join this link 👇 ⚙ Telegram Channel
t.me/+EJ6aQJdhCgBmZmFk
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.