💬 Structure: rejection from the upper boundary of the bullish channel → breakdown from compression structure → price now trading below the former channel support.
Price is now attempting a corrective rebound toward the broken channel support, which has turned into resistance.
📌 Key levels
Resistance: 1.1580–1.1620
Support: 1.1390–1.1350
If price fails to break above the resistance cluster, it could resume its downward movement toward the 1.1390 support.
A sustained breakout above 1.1620 would suggest a deeper recovery toward higher levels.
Price is now attempting a corrective rebound toward the broken channel support, which has turned into resistance.
📌 Key levels
Resistance: 1.1580–1.1620
Support: 1.1390–1.1350
If price fails to break above the resistance cluster, it could resume its downward movement toward the 1.1390 support.
A sustained breakout above 1.1620 would suggest a deeper recovery toward higher levels.
Traders, if you like this idea, please leave your thoughts in the comments. I look forward to reading your ideas!
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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.
🔥 Daily GOLD and Forex updates with 20,000+ active traders:
t.me/LingridChannel
🚀 Daily CRYPTO setups:
bit.ly/3JIGE2j
t.me/LingridChannel
🚀 Daily CRYPTO setups:
bit.ly/3JIGE2j
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.