OUR PERSPECTIVE REMAINS LEANING TOWARDS A SUBDUED BULLISH TREND IN PRICE MOVEMENTS, YET IT'S IMPORTANT TO NOTE THAT THE OVERALL PRICE DYNAMICS STILL REQUIRE FURTHER DEVELOPMENT.
Our current outlook suggests a modest bullish trend towards 1.1280, followed by a potential retreat to 1.0610, which continues to hold merit.
Looking ahead, we anticipate conditions to fluctuate broadly between points P and Q, representing the upper and lower limits of the megaphone pattern, respectively. This pattern signifies escalating volatility and enlarging price fluctuations as the trend lines diverge.
It is noteworthy that the price is currently testing its 200-day simple moving average, potentially serving as a significant support level.
Presently, the price movement appears to be engaged in wave c, hinting at the possibility of evolving into a complex, overlapping structure.
The threshold of 1.0945 remains critical for our forecast. Surpassing 1.1280 could unveil further upside prospects, whereas dropping below 1.0610 would align with our projected price behaviour.
In essence, the unfolding price dynamics necessitate additional evolution to establish a clear trend direction.
Target and Re-assessment Levels:
Important Levels: 1.0945 and 1.0610
Primary Trend and Target Levels: Gains to 1.1280, then down to 1.0610.
Monthly Range: P & Q
Prevailing Trend and Target Levels: Gains towards 1.1280
Technical Rating: Medium
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