The price of this currency pair continues to move in an uptrend, which it started back in April last year. The trend started after the price bounced off the 0.627 support line and showed excellent growth.
During this time, the price tried to break through this support line only once. And in October-November 2020, there was a false breakdown, which can be explained by the volatility of the dollar ahead of the elections.
But, as we can see, the price returned to the upward trend and during it was even able to break through the 0.754 support line. And then the support line 0.768. However, I am convinced that the failure of the last line of support will also be false. Since this resistance line has existed on the chart since 2008, it is very strong! And much stronger than the support lines.
Therefore, I expect that after a false breakout the price will roll back beyond the support-resistance line, fix on it and fall to the support zone of 0.761.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
During this time, the price tried to break through this support line only once. And in October-November 2020, there was a false breakdown, which can be explained by the volatility of the dollar ahead of the elections.
But, as we can see, the price returned to the upward trend and during it was even able to break through the 0.754 support line. And then the support line 0.768. However, I am convinced that the failure of the last line of support will also be false. Since this resistance line has existed on the chart since 2008, it is very strong! And much stronger than the support lines.
Therefore, I expect that after a false breakout the price will roll back beyond the support-resistance line, fix on it and fall to the support zone of 0.761.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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🌎WebSite: lingrid.org
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
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.
💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
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.