The pair is in a clear downtrend, trading below the moving averages and facing strong resistance around 0.8859. The price attempted to break this level but failed, reinforcing the likelihood of continued downside movement.
Expected Scenario: Further bearish continuation after this rejection, targeting 0.8660 as a potential support zone.
Bearish Confirmation Factors:
Price staying below key resistance.
Moving averages acting as dynamic resistance.
Overall bearish market structure.
Expected Scenario: Further bearish continuation after this rejection, targeting 0.8660 as a potential support zone.
Bearish Confirmation Factors:
Price staying below key resistance.
Moving averages acting as dynamic resistance.
Overall bearish market structure.
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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.