This pair is presenting a technical SELL position since long position have been slowly exiting their positions because they have hit their week target at around 1.38200 and with the confluence on USOIL finding support in the short term could spear the pair lower to a price of 1.37212. However the pair could retest dynamic resistance moving average to confirm the death cross at 1.37864 thus giving a better entry from current price.
Summary: Entry price = 1.37864 Target = 1.37212
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Target reached on 19/04/2024. Please follow and boost my ideas.
The identified sell zone, aligning with the moving averages, might suggest signs of bearish momentum. I suspect the price might be below the Ichimoku cloud, which is a good indication of bearish momentum. Let's see how this plays out. Nice analysis. I'll keep an eye on it.