On the daily timeframe, price retested a key resistance zone on Friday, which was previously tapped in April. This level originally acted as a demand area back in November 2023.
After the April rejection, price dropped approximately 381 pips before beginning its current bullish incline. As of now, price is retesting this resistance area, which is expected to flip into support to allow for continued upward momentum.
My bias remains bullish as long as this support holds, with a target toward the next demand area from March 2023.
However, a break below the daily swing low at 0.85963 would invalidate this scenario and shift the structure.
⚠️ As always, trade responsibly — risk only 1–2% of your capital per day and stay alert, especially around volatile sessions.
Stay sharp and trade safe!
After the April rejection, price dropped approximately 381 pips before beginning its current bullish incline. As of now, price is retesting this resistance area, which is expected to flip into support to allow for continued upward momentum.
My bias remains bullish as long as this support holds, with a target toward the next demand area from March 2023.
However, a break below the daily swing low at 0.85963 would invalidate this scenario and shift the structure.
⚠️ As always, trade responsibly — risk only 1–2% of your capital per day and stay alert, especially around volatile sessions.
Stay sharp and trade safe!
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.