Technical Overview
Resistance Level: 1.34400
Support Level: 1.27500
Bearish Targets: 1.30200 and 1.28800
The resistance at 1.34400 represents the peak before the formation of the inverted cup, serving as a critical level where selling pressure may intensify. The support at 1.27500 aligns with the neckline of the pattern; a decisive break below this level would confirm the bearish breakout, potentially leading to the projected targets.
📉 Trading Strategy
Consider entering a short position upon a confirmed break below the 1.27500 support level, accompanied by increased trading volume to validate the breakout.
Place a stop-loss order above the handle's peak, near 1.34400, to protect against false breakouts and limit potential losses.
Resistance Level: 1.34400
Support Level: 1.27500
Bearish Targets: 1.30200 and 1.28800
The resistance at 1.34400 represents the peak before the formation of the inverted cup, serving as a critical level where selling pressure may intensify. The support at 1.27500 aligns with the neckline of the pattern; a decisive break below this level would confirm the bearish breakout, potentially leading to the projected targets.
📉 Trading Strategy
Consider entering a short position upon a confirmed break below the 1.27500 support level, accompanied by increased trading volume to validate the breakout.
Place a stop-loss order above the handle's peak, near 1.34400, to protect against false breakouts and limit potential losses.
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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.