The currency is currently moving in a short-term upward trend after a strong rebound from the 69.00 levels. We notice the formation of two rising bottoms, indicating the buyers' desire to push the price to break through the current resistance area at 71.00 - 71.50. The price is now trading at 70.70, which is in a balance area awaiting additional momentum.
Potential price targets
• First target: 71.80
• Second target: 73.50
• Strategic target: 77.00
Expected time frame
• First target: within the next 24 to 48 hours.
• Second target: within 3 to 5 days.
• Strategic target: within two weeks to a month (depends on overall market liquidity).
Controversial scenarios
• Positive scenario: breaching the level of 71.50 and holding above it with a daily candle opens the door for a qualitative jump towards 80.00.
• Cautious scenario: the current volatility requires monitoring key support areas at 69.80 and 68.70.
Buy and sell areas
• Buy: current entry around 70.50 or waiting for a slight correction to the level of 70.00.
• Sell: partial profit-taking at 71.80, and final sale at 74.00+.
Golden advice for traders
"Do not chase the impulsive green candles; wait for stability above the resistance at 71.50 to confirm the rise, and always make level 68.50 your last line of defense (stop loss) to protect your capital."
What will happen in the coming days?
It is expected that the currency will enter a boring accumulation phase between the levels of 70.00 and 71.00 before it explodes in price. Indicators suggest hidden buying pressure, which could lead to a rapid and surprising upward movement once the $72 barrier is breached.