After a strong bearish impulse, the price has retraced back toward a previously broken structure that now aligns with a supply zone (highlighted in purple).
This area has acted as a strong support in the past and could now serve as resistance after the recent breakdown.
Currently, the market is showing a corrective move to the upside, likely to mitigate orders before the next bearish leg.
If price shows rejection signs such as bearish engulfing or lower-timeframe structure shift within this purple zone, I’ll be looking for short opportunities.
Trade Plan:
🔹 Entry: After confirmation of rejection within the purple zone
🔹 Stop Loss: Above the zone’s upper boundary or recent swing high
🔹 Take Profit 1: near 1.3986
🔹 Take Profit 2: Extension toward 1.3964
Bias:
📉 Bearish continuation after corrective pullback to the supply zone.
Market Logic:
The bearish momentum remains dominant, and the corrective structure suggests distribution before continuation. I’ll wait for confirmation before executing the short position.
This area has acted as a strong support in the past and could now serve as resistance after the recent breakdown.
Currently, the market is showing a corrective move to the upside, likely to mitigate orders before the next bearish leg.
If price shows rejection signs such as bearish engulfing or lower-timeframe structure shift within this purple zone, I’ll be looking for short opportunities.
Trade Plan:
🔹 Entry: After confirmation of rejection within the purple zone
🔹 Stop Loss: Above the zone’s upper boundary or recent swing high
🔹 Take Profit 1: near 1.3986
🔹 Take Profit 2: Extension toward 1.3964
Bias:
📉 Bearish continuation after corrective pullback to the supply zone.
Market Logic:
The bearish momentum remains dominant, and the corrective structure suggests distribution before continuation. I’ll wait for confirmation before executing the short position.
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.