Signal Details: • Entry Price: $1.2580 • Take Profit (TP): • TP1: $1.2200 • TP2: $1.1800 • Stop Loss (SL): $1.2900
Analysis: 1. The price is moving within a descending channel, indicating a bearish trend. 2. Momentum is weakening, as suggested by the declining highs. 3. Strong resistance is observed near $1.3000. 4. The breakdown below $1.2600 suggests further downside potential.
Trade Strategy: 1. Enter the trade upon a retest or continuation near $1.2580. 2. Place the stop loss slightly above the resistance line at $1.2900 to minimize risk. 3. Aim for the first profit target at $1.2200 and the second at $1.1800 for maximum gains.
Risk-Reward Ratio: Favorable, ensuring good trade efficiency.
Disclaimer: Ensure proper risk management and adjust trade sizes to your portfolio’s risk tolerance. Always analyze market conditions before placing trades.
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