๐ $FXS Market Analysis ๐
The $FXS price action on the H4 timeframe initially formed an ascending triangle after a strong pump. This pattern, often a sign of bullish continuation, failed as the price broke down, invalidating its bullish structure. Currently, on the H1 timeframe, the price is consolidating in a tight range, signaling indecision in the market ๐.
๐ Key Levels to Watch:
The S/R zone on the H1 timeframe is critical.
A breakdown below the support level could trigger a strong downtrend, with bears aiming for lower levels โฌ๏ธ
A breakout above the resistance may push the price toward the Fair Value Gap (FVG) zone above, setting up a potential test.
๐ What Could Happen Next:
1๏ธโฃ If the FVG zone is filled, it may spark renewed bearish momentum, driving prices further down.
2๏ธโฃ If the FVG is ignored, the market could gain bullish strength, signaling a possible reversal to higher levels ๐๐.
๐ Current Outlook:
The market is at a pivotal point. Whether the price breaks down or breaks out will determine the next major move. Traders should monitor the price closely around the S/R zone for confirmation of direction.
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