Price has been consolidating inside a falling wedge pattern after the recent rejection near 2.40. Currently, it is sitting close to the 200 EMA support around the 1.89–1.90 zone.
A breakout above the wedge trendline could trigger a move back towards the 2.30–2.31 resistance area, which also aligns with the upper channel trendline.
Support: 1.89 / 1.87 (200 EMA + wedge bottom)
Resistance: 2.10 / 2.31 (wedge breakout + upper channel)
Bias: Bullish if wedge breakout confirms with volume
If the price fails to hold the 200 EMA, we may see further downside, but for now, the setup favors a potential trend continuation to the upside.
A breakout above the wedge trendline could trigger a move back towards the 2.30–2.31 resistance area, which also aligns with the upper channel trendline.
Support: 1.89 / 1.87 (200 EMA + wedge bottom)
Resistance: 2.10 / 2.31 (wedge breakout + upper channel)
Bias: Bullish if wedge breakout confirms with volume
If the price fails to hold the 200 EMA, we may see further downside, but for now, the setup favors a potential trend continuation to the upside.
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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.