Still potential for 2750USD?
Hi everyone,
We dont change a mind for this instrument.
Today we have in economic calendar POWELL SPEACH!
Looking at the chart, we can see that the price of the instrument has recently gone through a period of steady growth. The MA Cross indicator (14 and 21 periods) suggests a continuation of the upward trend, as the moving averages are positioned in a way that indicates bullish dominance in the market (the shorter moving average is above the longer one). From observing the recent candles on the chart, it can be noted that the price is approaching a short-term correction; however, considering the overall trend, the likelihood of further increases is higher.
At the current level of 2676, with the possibility of adding to the position if the price retraces to the support level around 2640-2650.
Stop Loss (SL): I would set the stop loss slightly below the last local low, around 2630. This would provide a safe level to protect capital in case of a trend reversal.
Take Profit (TP1): I would set the first target at 2750. This is a reasonable level, considering the recent upward impulses, which can serve as the nearest technical resistance.
TP2: If the price exceeds the 2750 level, I would target the 2800 level. This is a psychological level that often acts as significant resistance in the markets.
We dont change a mind for this instrument.
Today we have in economic calendar POWELL SPEACH!
Looking at the chart, we can see that the price of the instrument has recently gone through a period of steady growth. The MA Cross indicator (14 and 21 periods) suggests a continuation of the upward trend, as the moving averages are positioned in a way that indicates bullish dominance in the market (the shorter moving average is above the longer one). From observing the recent candles on the chart, it can be noted that the price is approaching a short-term correction; however, considering the overall trend, the likelihood of further increases is higher.
At the current level of 2676, with the possibility of adding to the position if the price retraces to the support level around 2640-2650.
Stop Loss (SL): I would set the stop loss slightly below the last local low, around 2630. This would provide a safe level to protect capital in case of a trend reversal.
Take Profit (TP1): I would set the first target at 2750. This is a reasonable level, considering the recent upward impulses, which can serve as the nearest technical resistance.
TP2: If the price exceeds the 2750 level, I would target the 2800 level. This is a psychological level that often acts as significant resistance in the markets.
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