On the daily timeframe I marked the key level 0.61038. A false breakout is formed and there is no logical reaction relative to the level (no growth after a false breakout). Buying power is weakening on the back of the rising dollar. Strong bears are forming a pre-breakdown consolidation relative to the 0.6100 level. The dollar index is strengthening as regulators are further delaying a possible rate cut, which could technically strengthen the index, and that would negatively impact the forex.
The moving averages, reversal pattern, retest and pre-breakout consolidation of 0.6100 - 0.6086 suggests a possible breakout of support and a decline in price towards 0.61000.
Resistance levels: 0.6134, 0.6208
Support levels: 0.6100, 0.6084
I expect that on the background of pre-breakdown consolidation another support retest will be formed, which may break this line and the market will start to form a bearish impulse.
Regards R. Linda!
Comentário:
Comentário:
The price consolidates, after the end of consolidation a support breakout is formed.
Realization of the scenario specified in the idea
The price consolidates, after the end of consolidation a support breakout is formed.
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