Chibuike_Odoh

XAGUSD (SILVER) - RETEST

Long
FX:XAGUSD   Silver / U.S. Dollar
ANALYSIS 🔎
- XAGUSD brokeout above the descending triangle's inclined resistance.
- Price retraced, breaking down below the ascending trendline support.
- Price is retesting the 0.618 fibonacci retracement level and the descending triangle's inclined resistance.
- RSI is printing a bullish divergence signal.
- A bullish pin bar ( hammer ) was formed.
- We could see an uptrend continuation.

BUY ENTRY ⬆️
- Breakout above the horizontal resistance level 1 (R1).

TARGETS 🎯
- Previous swing high resistance (R2).
- Horizontal resistance level 3 (R3).

SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.

Enjoy 🥂