Highlighted Previous Week's Highs and Lows:
I've marked the highest and lowest points of the previous week on the chart with horizontal lines labeled as "WEEKLY HIGH" and "WEEKLY LOW."
Key Psychological Zone:
The weekly low falls into our psychological zone, indicating a critical area where price action may be closely monitored for potential reversals or significant market moves.
No Weekly Confirmation:
There has been no weekly confirmation, meaning the recent price movements have not established a clear trend on the weekly timeframe.
This setup highlights the importance of the psychological zone in the analysis and the current lack of a confirmed weekly trend, suggesting a cautious approach to trading decisions.
I've marked the highest and lowest points of the previous week on the chart with horizontal lines labeled as "WEEKLY HIGH" and "WEEKLY LOW."
Key Psychological Zone:
The weekly low falls into our psychological zone, indicating a critical area where price action may be closely monitored for potential reversals or significant market moves.
No Weekly Confirmation:
There has been no weekly confirmation, meaning the recent price movements have not established a clear trend on the weekly timeframe.
This setup highlights the importance of the psychological zone in the analysis and the current lack of a confirmed weekly trend, suggesting a cautious approach to trading decisions.
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