Price has remained in a steady downtrend for quite some time, repeatedly respecting the descending trendline. Every attempt to move higher was rejected until price reached a key support zone and reacted strongly.
We then saw a clear breakout above the trendline, providing the first meaningful sign that the bearish structure may be starting to shift.
Right after the breakout, price pulled back into the support area.
If buyers continue to defend this zone and bullish momentum holds, I expect price to push higher toward 1.41500.
If the support zone breaks with strong bearish momentum, the entire idea will weaken. For now, however, buyers are stepping in exactly where they need to.
We then saw a clear breakout above the trendline, providing the first meaningful sign that the bearish structure may be starting to shift.
Right after the breakout, price pulled back into the support area.
If buyers continue to defend this zone and bullish momentum holds, I expect price to push higher toward 1.41500.
If the support zone breaks with strong bearish momentum, the entire idea will weaken. For now, however, buyers are stepping in exactly where they need to.
Trade active
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.
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.