When analyzing the pair on lower timeframes, there appears to be a potential opportunity for a long position.
Looking at the broader picture on the daily timeframe, the pair may continue its upward movement following the formation of a strong bullish candle on Friday (August 1st, 2025).
Additionally, it's worth noting that the pair recently reached a low around 1.72476 and may now be aiming to establish a new high near 1.85566.
Given that this analysis is based on the daily timeframe, and following the breakout of the resistance at 1.79311 — which corresponds to the upper boundary of a rectangle marking the current range — a long position is considered valid.
Note: Be mindful of the potential for a GAP at the market open.
It is essential to remember that while technical analysis can provide valuable signals, it is crucial to also monitor economic data, news releases, and other fundamental factors that may affect this pair. This analysis focuses solely on the technical aspect.
The long position tool shown on the chart is meant for illustrative purposes only and should not be considered a definitive entry signal.
Disclaimer: This analysis reflects only my personal view of the market and does not, under any circumstances, constitute investment advice.
Looking at the broader picture on the daily timeframe, the pair may continue its upward movement following the formation of a strong bullish candle on Friday (August 1st, 2025).
Additionally, it's worth noting that the pair recently reached a low around 1.72476 and may now be aiming to establish a new high near 1.85566.
Given that this analysis is based on the daily timeframe, and following the breakout of the resistance at 1.79311 — which corresponds to the upper boundary of a rectangle marking the current range — a long position is considered valid.
Note: Be mindful of the potential for a GAP at the market open.
It is essential to remember that while technical analysis can provide valuable signals, it is crucial to also monitor economic data, news releases, and other fundamental factors that may affect this pair. This analysis focuses solely on the technical aspect.
The long position tool shown on the chart is meant for illustrative purposes only and should not be considered a definitive entry signal.
Disclaimer: This analysis reflects only my personal view of the market and does not, under any circumstances, constitute investment advice.
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.
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.