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Now price has broken below that support, which suggests:
The level may turn into resistance
A pullback to retest the zone is possible (pink path up)
Then potential continuation downward (bearish move)
In short: Support broke → possible retest → bearish continuation bias.
Don’t forget to like and share your thoughts in the comments! ❤️
Now price has broken below that support, which suggests:
The level may turn into resistance
A pullback to retest the zone is possible (pink path up)
Then potential continuation downward (bearish move)
In short: Support broke → possible retest → bearish continuation bias.
Don’t forget to like and share your thoughts in the comments! ❤️
Note
The pair has been trading inside a large descending channel (falling parallel lines) for an extended period. Price previously rose strongly (bullish phase) along the lower part of the channel but has since rolled over and is now pressing lower.Overall structure favors bears, with momentum pointing toward further downside within the channel.
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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.