Key Observations:
Price is at the top of the ascending channel – suggesting potential resistance.
Strong supply zone (gray box) around 1.3950 – 1.4000 – price has reacted from here previously.
RSI is near overbought territory – showing possible short-term exhaustion.
Fibonacci retracement levels are marked (0.5, 0.786), hinting at potential pullback targets.
Projected move (curved arrow) suggests a retracement toward 1.3860 – 1.3830 zone (demand/support), before resuming bullish momentum.
🧠 Technical Bias:
Short-term: Bearish correction likely (pullback from resistance zone).
Medium-term: Still bullish while staying inside ascending channel and above 1.3820 – 1.3830 support.
📌 Possible Trading Plan:
Sell setup: Watch for rejection candles or bearish confirmation near current price for a short toward 1.3860 – 1.3830 zone.
Buy setup: Look for bullish reversal signals at the demand zone to ride the next leg higher toward 1.3950 – 1.4000.
Price is at the top of the ascending channel – suggesting potential resistance.
Strong supply zone (gray box) around 1.3950 – 1.4000 – price has reacted from here previously.
RSI is near overbought territory – showing possible short-term exhaustion.
Fibonacci retracement levels are marked (0.5, 0.786), hinting at potential pullback targets.
Projected move (curved arrow) suggests a retracement toward 1.3860 – 1.3830 zone (demand/support), before resuming bullish momentum.
🧠 Technical Bias:
Short-term: Bearish correction likely (pullback from resistance zone).
Medium-term: Still bullish while staying inside ascending channel and above 1.3820 – 1.3830 support.
📌 Possible Trading Plan:
Sell setup: Watch for rejection candles or bearish confirmation near current price for a short toward 1.3860 – 1.3830 zone.
Buy setup: Look for bullish reversal signals at the demand zone to ride the next leg higher toward 1.3950 – 1.4000.
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.
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.