Technical Analysis | Bearish Setup 📉
Price is currently trading around 63.05 and remains below the descending trendline. The chart shows a clear resistance zone near 63.55–63.65, while the marked support is around 62.45–62.55.
📌 Resistance
• R1: 63.55–63.65
📌 Support
• S1: 62.45–62.55
🎯 Bearish Targets
If price continues to reject the descending trendline/resistance area and breaks below support:
• Target 1: 62.45
• Target 2: 62.20
• Target 3: 61.90–61.95 🎯
📊 Technical View
The overall structure remains bearish while price stays below the descending trendline. A sustained rejection from resistance could increase the probability of a move toward the marked support and lower target zone.
🔄 Bullish Invalidation
A strong breakout and acceptance above 63.55–63.65 would weaken the bearish setup and require fresh confirmation.
⚠️ Risk Management
This analysis is based on the chart structure and price action. Targets are scenarios, not guaranteed results or financial advice. Always manage risk and confirm the setup before taking any trade.
Price is currently trading around 63.05 and remains below the descending trendline. The chart shows a clear resistance zone near 63.55–63.65, while the marked support is around 62.45–62.55.
📌 Resistance
• R1: 63.55–63.65
📌 Support
• S1: 62.45–62.55
🎯 Bearish Targets
If price continues to reject the descending trendline/resistance area and breaks below support:
• Target 1: 62.45
• Target 2: 62.20
• Target 3: 61.90–61.95 🎯
📊 Technical View
The overall structure remains bearish while price stays below the descending trendline. A sustained rejection from resistance could increase the probability of a move toward the marked support and lower target zone.
🔄 Bullish Invalidation
A strong breakout and acceptance above 63.55–63.65 would weaken the bearish setup and require fresh confirmation.
⚠️ Risk Management
This analysis is based on the chart structure and price action. Targets are scenarios, not guaranteed results or financial advice. Always manage risk and confirm the setup before taking any trade.
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📲 Join my Telegram Channel FREE:
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Forex • Gold • Crypto | Market Analysis & Trading Ideas
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t.me/+d53OPxsAbPMwYTNk
Forex • Gold • Crypto | Market Analysis & Trading Ideas
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TradingView Premium Member | Educational purposes only. Trade responsibly & manage risk.
Related publications
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.