FORECAST
Market Overview
The market experienced a notable downtrend throughout the week, culminating in a significant reversal on Friday. Here’s a detailed look at the chart and what transpired:
Early Week Decline: The market consistently dropped from the beginning of the week, indicating a strong bearish sentiment.
Midweek Continuation: This downtrend continued midweek with the price failing to find substantial support, maintaining its bearish momentum.
Friday Reversal: A significant reversal occurred on Friday, with the market rallying upwards after almost reaching the psychological 1.27000 zone, suggesting potential exhaustion of the bearish trend and the emergence of bullish pressure.
Key Levels
Monthly Highs and Lows:
Monthly Highs: Marked on the chart for potential resistance.
Monthly Lows: Positioned near the 1.26000 psychological zone, a key level to watch for potential reversals due to its psychological significance.
Weekly Highs and Lows:
Weekly High: Identified on the chart, serving as a potential resistance level.
Weekly Low: Located at the 1.27000 psychological zone. This level held as support and contributed to the reversal seen on Friday, making it a critical area for potential buy opportunities if tested again.
Specific Trade Scenarios
Friday's London High:
London High: Highlighted on the chart. The price reached this high and then provided opportunities for short positions. This level remains relevant and can be used in conjunction with the 1.28000 psychological zone for potential sell opportunities if the price reaches this area again.
Summary
Monthly Low (1.26000 Zone): Watch for reversal opportunities as this area aligns with significant psychological support.
Weekly Low (1.27000 Zone): Monitor for potential buy opportunities around this level, as it has shown strong support and resulted in a reversal.
London High (1.28000 Zone): Continue to use the previously posted scenario for potential sell opportunities if the price revisits this area.
By observing these key levels and market behaviour, we can better anticipate potential price movements and identify trading opportunities. Let’s keep an eye on how the market reacts to these zones in the upcoming sessions
Market Overview
The market experienced a notable downtrend throughout the week, culminating in a significant reversal on Friday. Here’s a detailed look at the chart and what transpired:
Early Week Decline: The market consistently dropped from the beginning of the week, indicating a strong bearish sentiment.
Midweek Continuation: This downtrend continued midweek with the price failing to find substantial support, maintaining its bearish momentum.
Friday Reversal: A significant reversal occurred on Friday, with the market rallying upwards after almost reaching the psychological 1.27000 zone, suggesting potential exhaustion of the bearish trend and the emergence of bullish pressure.
Key Levels
Monthly Highs and Lows:
Monthly Highs: Marked on the chart for potential resistance.
Monthly Lows: Positioned near the 1.26000 psychological zone, a key level to watch for potential reversals due to its psychological significance.
Weekly Highs and Lows:
Weekly High: Identified on the chart, serving as a potential resistance level.
Weekly Low: Located at the 1.27000 psychological zone. This level held as support and contributed to the reversal seen on Friday, making it a critical area for potential buy opportunities if tested again.
Specific Trade Scenarios
Friday's London High:
London High: Highlighted on the chart. The price reached this high and then provided opportunities for short positions. This level remains relevant and can be used in conjunction with the 1.28000 psychological zone for potential sell opportunities if the price reaches this area again.
Summary
Monthly Low (1.26000 Zone): Watch for reversal opportunities as this area aligns with significant psychological support.
Weekly Low (1.27000 Zone): Monitor for potential buy opportunities around this level, as it has shown strong support and resulted in a reversal.
London High (1.28000 Zone): Continue to use the previously posted scenario for potential sell opportunities if the price revisits this area.
By observing these key levels and market behaviour, we can better anticipate potential price movements and identify trading opportunities. Let’s keep an eye on how the market reacts to these zones in the upcoming sessions
Disclaimer
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