The $SCR
/USD pair presents a compelling setup for traders, balancing between a well-defined support and resistance structure. Here's a concise summary of the opportunity and strategic considerations:
1. Current Price: SCR is trading at $1.100 against the USD, placing it near the midpoint of the identified range.
2. Support: $1.085 has acted as a strong foundation in recent sessions, offering a solid entry point for buyers if the price retraces to this level.
3. Resistance: $1.120 is the key barrier, where previous attempts have faced selling pressure. A breakout above could pave the way for further upside.
Trading Strategies
Buy Near Support: Look for bullish confirmation (e.g., candlestick patterns or indicators like RSI divergence) around $1.085, targeting $1.120.
Breakout Play: If the price breaks and sustains above $1.120, consider buying with a stop-loss just below the breakout level, aiming for extended targets like $1.130 or higher.
Risk Management
Use tight stop-losses to manage downside risk.
Consider scaling into positions to mitigate volatility.
The SCR/USD pair is in a pivotal zone. Monitoring market sentiment, economic data, and technical signals will be essential to capitalize on this trading opportunity.
