The price is currently at a strong resistance level, where it has struggled to break through and reversed sharply to the downside before. This makes the area particularly important to monitor, especially for traders considering potential short setups.
If we begin to see signs of rejection at this level, such as long upper wicks, bearish candlestick patterns, or a clear loss of buying momentum, we could see a move down toward the 1.5215 level. In this particular context I am targeting a very achievable bounce. But if price cleanly breaks out, that would rule out the bearish outlook and suggest even further upside will follow.
This area is pretty important and could give us a better idea of where price is headed.
Just sharing my thoughts on support and resistance, this isn’t financial advice. Always confirm your setups and manage your risk properly.
If we begin to see signs of rejection at this level, such as long upper wicks, bearish candlestick patterns, or a clear loss of buying momentum, we could see a move down toward the 1.5215 level. In this particular context I am targeting a very achievable bounce. But if price cleanly breaks out, that would rule out the bearish outlook and suggest even further upside will follow.
This area is pretty important and could give us a better idea of where price is headed.
Just sharing my thoughts on support and resistance, this isn’t financial advice. Always confirm your setups and manage your risk properly.
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Free Telegram Signals: t.me/addlist/MLJjjTl2V-M1OTc8
👉 I recommend this Broker - Get 20% Deposit BONUS - bit.ly/trenddiva
👉 I trust Blueberry Funded. Get Funded here: 25 OFF with link - bit.ly/bestfunded
👉 I recommend this Broker - Get 20% Deposit BONUS - bit.ly/trenddiva
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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.