Market Structure Analysis:
Trend: The market has been in a short-term downtrend but is showing signs of a potential reversal.
Support Zone: Around 0.8800, where price has reacted strongly.
Resistance Zone: Next target area is 0.8918, and a strong resistance is near 0.9030.
Price Action:
The price tested the 0.8800 level and is forming a bullish setup.
The long lower wick on the recent candlestick indicates rejection from support.
A potential bullish breakout could occur if momentum continues.
🔹 Trade Setup: BUY (Bullish Reversal)
🔹 Entry: Buy at 0.8810 - 0.8800
🔹 Stop Loss: 0.8765 (Below recent low)
🔹 Take Profit 1: 0.8918 (Previous resistance)
🔹 Take Profit 2: 0.9025 (Major resistance)
🔹 Risk-Reward Ratio: 1:2 or higher
📌 Alternative Bearish Scenario: If the price breaks below 0.8765, a sell-off toward 0.8720 is possible.
Trade Confirmation:
Look for bullish candlestick formations (e.g., engulfing or pin bar).
Monitor USD fundamentals and market sentiment.
Trend: The market has been in a short-term downtrend but is showing signs of a potential reversal.
Support Zone: Around 0.8800, where price has reacted strongly.
Resistance Zone: Next target area is 0.8918, and a strong resistance is near 0.9030.
Price Action:
The price tested the 0.8800 level and is forming a bullish setup.
The long lower wick on the recent candlestick indicates rejection from support.
A potential bullish breakout could occur if momentum continues.
🔹 Trade Setup: BUY (Bullish Reversal)
🔹 Entry: Buy at 0.8810 - 0.8800
🔹 Stop Loss: 0.8765 (Below recent low)
🔹 Take Profit 1: 0.8918 (Previous resistance)
🔹 Take Profit 2: 0.9025 (Major resistance)
🔹 Risk-Reward Ratio: 1:2 or higher
📌 Alternative Bearish Scenario: If the price breaks below 0.8765, a sell-off toward 0.8720 is possible.
Trade Confirmation:
Look for bullish candlestick formations (e.g., engulfing or pin bar).
Monitor USD fundamentals and market sentiment.
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.