Are We Extremely Over-Bought ? Time To SELL ?
If you read my trade setup on this pair from July, I had predicted a decline below 0.86 followed by a rebound surpassing 0.88, settling within the monthly range.
The lowest point reached was 0.855, followed by a consistent bullish trend for 12 consecutive weeks. As a result, the price appears overbought as it enters a Weekly SUPPLY/SELL zone and approaches a significant resistance at 0.91.
Given these indicators, I'm inclined to SELL this pair at its current price, setting a stop loss just beyond 0.92. My target is the recently established Weekly BUY/DEMAND zone around 0.88, and I'll be closely monitoring the price response at this level.
This region might entice buyers to jump back in, potentially aiming for the 0.93-0.94 range
The lowest point reached was 0.855, followed by a consistent bullish trend for 12 consecutive weeks. As a result, the price appears overbought as it enters a Weekly SUPPLY/SELL zone and approaches a significant resistance at 0.91.
Given these indicators, I'm inclined to SELL this pair at its current price, setting a stop loss just beyond 0.92. My target is the recently established Weekly BUY/DEMAND zone around 0.88, and I'll be closely monitoring the price response at this level.
This region might entice buyers to jump back in, potentially aiming for the 0.93-0.94 range
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Join Telegram group -t.me/+T7V_JSiKKsliMTJl
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Related publications
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.