The long-term trend remains bullish, though within the correction price has pulled back to 0.6420, a level held in early August. From here, a rebound towards 0.6562 and 0.6622 resistance is possible. A break below 0.6420, however, could open the way to 0.6370, where long positions targeting 0.6562 may again become relevant. Price trades below EMA (21) but near EMA (190), suggesting a short-term bearish bias within a longer-term bullish outlook. RSI (14) is nearing oversold territory, hinting at potential buying opportunities.
The medium-term trend is still bullish, though the correction has tested 0.6480–0.6383 support and the pair has since returned to positive momentum, aiming at 0.6528 and 0.6625 (July high). A break below 0.6383 would shift momentum bearish, targeting the lower support zone at 0.6185–0.6163.
Support and Resistance Levels
Resistance: 0.6562, 0.6622, 0.6703
Support: 0.6420, 0.6370, 0.6200
Trading Scenarios
Long positions can be considered from 0.6420 with a target at 0.6562 and stop-loss at 0.6370. Timeframe: 9–12 days.
Short positions can be considered below 0.6370 with a target at 0.6200 and stop-loss at 0.6430.
Scenario
- Timeframe: Weekly
- Recommendation: BUY LIMIT
- Entry Point: 0.6420
- Take Profit: 0.6562
- Stop Loss: 0.6370
- Key Levels: 0.6200, 0.6370, 0.6420, 0.6562, 0.6622, 0.6703
Alternative Scenario
- Recommendation: SELL STOP
- Entry Point: 0.6370
- Take Profit: 0.6200
- Stop Loss: 0.6430
- Key Levels: 0.6200, 0.6370, 0.6420, 0.6562, 0.6622, 0.6703