The price is at the strong resistance level 1.222, which forms the direction of the price since the year the chart appeared - 1994. As you can understand, this is a very strong level. The last global breakdown of it, after which the price dropped beyond the level, occurred in 2018.
In mid-December, two false breakouts of the level happened one after another. After that, the price fell, worked out the correction and fixed at the level.
In the past few trading days, the price has pulled back twice and touched the level, so after false breakouts and such a good fix, I expect the price to start falling. On the way of the price there is a support zone consisting of two lines - October and November of this year.
However, the strength of the resistance is much greater, so the first thing I expect from the price is that it will break through the support zone around 1.218.
Then the price will consolidate in the 1.220 zone and then start falling. I expect that the price will eventually fall towards the support line through the correction. And so our final target is the support line at 1.203.
When the price breaks the resistance zone 1.218, you can start a sell trade.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
In mid-December, two false breakouts of the level happened one after another. After that, the price fell, worked out the correction and fixed at the level.
In the past few trading days, the price has pulled back twice and touched the level, so after false breakouts and such a good fix, I expect the price to start falling. On the way of the price there is a support zone consisting of two lines - October and November of this year.
However, the strength of the resistance is much greater, so the first thing I expect from the price is that it will break through the support zone around 1.218.
Then the price will consolidate in the 1.220 zone and then start falling. I expect that the price will eventually fall towards the support line through the correction. And so our final target is the support line at 1.203.
When the price breaks the resistance zone 1.218, you can start a sell trade.
Traders, if you like this idea or 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.