The price is moving within a downward channel on the one-hour timeframe and has reached the lower limit. Now, it seems ready for a bounce, and it is expected to retest this level.
The Relative Strength Index (RSI) indicates a bearish trend, and it is likely to continue given the current overbought conditions.
There is a main support zone in green at 4.40. The price has bounced from this zone several times, making it a strong support level.
The price is heading toward its 100-period moving average, and we are about to reach it. This direction supports an upward movement.
Entry price: 4.79
First target: 4.85
Second target: 4.96
Third target: 5.07
Stop loss: at the green resistance area
Remember this simple rule: money management.
If you have any questions, please leave a comment.
Thank you.
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