Moving Averages and VWAP:200-period MA: The price is significantly above the 200-period MA, which is at 1.3266, confirming the current bullish trend.VWAP: At 1.659, close to the current price of 1.656, indicating that recent price movements are well-supported by strong trading volume.RSI:RSI is at 51.14, sitting in neutral territory. This suggests the price is neither overbought nor oversold, allowing room for further price movements in either direction.MACD:The MACD line is slightly above the signal line, with a positive histogram, indicating weak but sustained bullish momentum. The price movement may continue upward as long as the MACD remains in positive territory.
Support and Resistance Levels:Resistance: The price is facing resistance near the 1.650â1.700 range (as indicated by the consolidation zone in the second chart). A breakout above this level could open the door to testing higher resistance levels around 1.800.Support: Immediate support is around 1.500, followed by stronger support near the 1.3266 level (200-period MA). If the price retraces, these levels will be crucial to watch.
Conclusion:Bullish Scenario: If the price breaks above 1.700, the next target would be 1.800, continuing the bullish trend as confirmed by the MACD.Bearish Scenario: A failure to break resistance at 1.700 could lead to a pullback toward 1.500 or even lower to 1.3266 (200-period MA) if the correction intensifies.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Always conduct your own research before making trading decisions.
