📌 Entry area (buy low):
🔹 0.1700 - 0.1730
🎯 Targets (in case of rebound):
✅ First target: 0.1755
✅ Second target: 0.1785
✅ Third target: 0.1815
🛑 Stop loss:
🔻 0.1670
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📊 Technical analysis:
🔸 The price has been on a downward trend over the past 24 hours after bouncing from the peak at 0.18447.
🔸 RSI (6) = 44.05: Near the oversold area, indicating a potential upcoming upward rebound.
🔸 MACD = 0.00002: It shows a slight positive crossover, but the momentum is still weak.
🔸 Stochastic indicator K = 33.23 and D = 27.11: Signal of a potential upward crossover approaching.
🔸 Current lowest support = 0.1670: It should be monitored as a strong area for any rebound.
💡 Confirmation of upward movement:
If the price can break the 0.1755 level with a strong candle close on the hourly timeframe, we may see a move towards 0.1815 again.
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📢 Risk management:
✔️ Take partial profits at each target and gradually move the stop loss.
✔️ Losing support at 0.1670 means weak momentum and a return to the downward trend.
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My opinion:
The currency is currently in a correction phase, and there are slight technical signals for a potential rebound. Short-term traders can take advantage of the current entry levels, but caution is advised and waiting for upward confirmation through breaking the resistance at 0.1755.
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