We observe a budding shift from a prevailing downtrend to potential bullish momentum. Key support and resistance levels have been mapped, indicating areas of significant market interest.
Price Action: Recently, the price has shown an upward momentum, creating a series of higher lows and higher highs, which suggests a potential shift in trend from bearish to bullish.
The recent pattern of higher lows and highs could suggest an imminent trend reversal.
Our strategy recommends a long entry at 0.5685, with a conservative stop loss at 0.4270 to safeguard against unexpected downturns. Profit targets are set at 0.5300 and 0.5500, aligning with major resistance zones.
The RSI presents a neutral stance with a bullish bias as per the moving average crossover. Traders are advised to monitor these levels and adjust positions accordingly to market dynamics."