The pair is respecting a clear descending channel, and the recent push above 1.3780 appears to be a classic liquidity sweep at a major resistance zone.
🔍 Wave Breakdown:
Market structure showing a potential W-X-Y-X-Z corrective pattern.
Price tapped into liquidity above previous highs and is now rejecting.
Expecting a move down toward the 1.3550–1.3570 support zone to complete wave (Z).
📌 Technical Highlights:
Rejection from channel resistance = bearish pressure.
Liquidity zone around 1.3780 acting as trap for breakout buyers.
Target: Lower support + channel bottom = confluence for bulls to re-enter.
Bias: Bearish below 1.3780
Target Zone: 1.3550
Invalidation: Break and hold above 1.3800
🔍 Wave Breakdown:
Market structure showing a potential W-X-Y-X-Z corrective pattern.
Price tapped into liquidity above previous highs and is now rejecting.
Expecting a move down toward the 1.3550–1.3570 support zone to complete wave (Z).
📌 Technical Highlights:
Rejection from channel resistance = bearish pressure.
Liquidity zone around 1.3780 acting as trap for breakout buyers.
Target: Lower support + channel bottom = confluence for bulls to re-enter.
Bias: Bearish below 1.3780
Target Zone: 1.3550
Invalidation: Break and hold above 1.3800
Trade active
Trade closed: target reached
close 190+pips
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Related publications
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.