Current Market Situation
The chart displays a Double Top pattern, a strong bearish reversal signal that often indicates the start of a downward move.
The price has already broken the neckline, and it is now approaching a retest of both the neckline and the broken trendline, which serves as a critical resistance area for potential bearish continuation.
Key Zones
Neckline Retest Zone: Around 1.1600, acting as immediate resistance.
Trendline Retest Zone: Between 1.1670 – 1.1700, serving as an additional resistance level to confirm the bearish bias.
Potential Scenarios
✅ Bearish Scenario (Preferred):
If price respects the retest zones and fails to break higher, we may see a decline toward:
Target 1: 1.1500
Target 2: 1.1400
Target 3: 1.1300
⚠ Bullish Scenario (Alternative):
A clear breakout and daily close above 1.1700 would invalidate the bearish outlook and could lead to a bullish reversal.
Conclusion
The market structure currently favors the bears.
Rejection from the neckline or trendline retest zones will provide a strong confirmation for sell positions.
⚠️ Trade at your own risk – We are not responsible for any losses.
The chart displays a Double Top pattern, a strong bearish reversal signal that often indicates the start of a downward move.
The price has already broken the neckline, and it is now approaching a retest of both the neckline and the broken trendline, which serves as a critical resistance area for potential bearish continuation.
Key Zones
Neckline Retest Zone: Around 1.1600, acting as immediate resistance.
Trendline Retest Zone: Between 1.1670 – 1.1700, serving as an additional resistance level to confirm the bearish bias.
Potential Scenarios
✅ Bearish Scenario (Preferred):
If price respects the retest zones and fails to break higher, we may see a decline toward:
Target 1: 1.1500
Target 2: 1.1400
Target 3: 1.1300
⚠ Bullish Scenario (Alternative):
A clear breakout and daily close above 1.1700 would invalidate the bearish outlook and could lead to a bullish reversal.
Conclusion
The market structure currently favors the bears.
Rejection from the neckline or trendline retest zones will provide a strong confirmation for sell positions.
⚠️ Trade at your own risk – We are not responsible for any losses.
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.