On the 1H timeframe, the chart shows a bearish trend with lower highs and lower lows. The price is currently testing the upper Bollinger Band, indicating potential overbought conditions. The ADX is below 20, suggesting a weak trend, but the EMA is sloping downwards, reinforcing the bearish bias. The entry point is set just below the recent resistance level at 3120.00, with a stop-loss above the last swing high at 3130.00 to protect against false breakouts. The take-profit target is set at 3100.00, aligning with key support levels where price action may reverse.
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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.