Overall direction on the daily and weekly charts remains bearish, with the pair still in a broader downtrend. However, on the 4H timeframe we now have a potential bullish confirmation at key support areas.
📍 Setup Idea
Price has tested and respected support zones around 18.30 – 18.38.
Bullish reaction from these levels suggests a possible short-term correction before continuing the larger downtrend.
Entry is based on confirmation at these supports, targeting the next resistance area.
🎯 Targets
First target: 18.55
Extended target: 18.62 – 18.70 zone (major resistance).
⛔ Stop-Loss
Below 18.31 support to protect against further downside continuation.
⚠️ Note:
This is a counter-trend buy setup, so risk management is key. I’ll be looking to ride this corrective move upward but will continue respecting the bearish bias on higher timeframes.
📍 Setup Idea
Price has tested and respected support zones around 18.30 – 18.38.
Bullish reaction from these levels suggests a possible short-term correction before continuing the larger downtrend.
Entry is based on confirmation at these supports, targeting the next resistance area.
🎯 Targets
First target: 18.55
Extended target: 18.62 – 18.70 zone (major resistance).
⛔ Stop-Loss
Below 18.31 support to protect against further downside continuation.
⚠️ Note:
This is a counter-trend buy setup, so risk management is key. I’ll be looking to ride this corrective move upward but will continue respecting the bearish bias on higher timeframes.
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.