The price is moving within a descending channel on the hourly timeframe. It has reached the minimum and is heading towards a bounce. A retest of this level is expected.
The Relative Strength Index (RSI) indicates a downward trend, and this trend is likely to continue due to overbought conditions.
There is a major support area in green at 0.0993, and the price has bounced off this area several times, making it a strong support level.
The price is heading towards the 100-period moving average, which we are approaching. This trend supports an upward movement.
Entry price: 0.1044
Target one: 0.1067
Target two: 0.1097
Target three: 0.1133
Stop loss: at the resistance area marked in green
Remember this simple rule: money management.
If you have any questions, please leave a comment.
Thank you.
