Trade Overview: Entry: Near 0.89462 Take Profit (TP): 0.89220 (Key Support Zone) Stop Loss (SL): 0.89533 (Above Resistance) Risk-to-Reward Ratio: ~3:1
Technical Analysis: Double Top Formation:
Price has formed a Double Top near the key resistance level of 0.89480–0.89533, signaling a bearish reversal. The second top failed to break higher, confirming strong resistance and seller dominance. Rising Wedge Breakout:
The price broke below a rising wedge structure, a bearish pattern indicating that the uptrend is weakening. Momentum has shifted bearish, with a decisive candle break through support.
Target Support Zone:
The TP at 0.89220 aligns with a significant demand zone and previous structural support, providing a logical target for the bearish move.
Bearish Momentum:
Recent bearish candlestick formations and rejection wicks show sellers gaining control. Price is trading below the intraday highs, reinforcing the bearish bias.
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