In the 1H timeframe, we observe a bearish trend where prices have consistently failed to break above previous highs. The recent price action shows a potential evening star pattern near a resistance level at 1.29500. The EMA confirms downward momentum, and the ATR indicates volatility has been tightening, suggesting a possible breakout. Given the RSi is hovering at 40, it shows bearish momentum building up. Thus, entering at 1.28970, with a stop loss set at 1.29600 (just above recent swings) and a take profit target at 1.28000 aligns with a good risk-reward ratio.
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.