We observe a strong price explosion (Bullish Impulse) that started from levels of 217 reaching a temporary peak at 234. The price is currently in a sideways correction or "accumulation" above the support area formed at 225. The momentum remains positive as long as the price stays above the midpoint level of the large bullish candles.
Potential price targets
• First target: 234.80 (test of the previous peak).
• Second target: 242.00 (near historic resistance level).
• Strategic target: 255.00 (medium-term liquidity attraction area).
Expected time frame
• First target: within (24 - 48 hours) if momentum continues.
• Second target: within (3 - 5 days).
• Strategic target: within (1 - 2 weeks).
Controversial scenarios
• Positive scenario: breaking the 235 level and staying above it opens the door for a qualitative leap towards 260 as a result of "short covering" (Short Squeeze).
• Cautious scenario: the current volatility requires monitoring of key support areas at 224 and 218; breaking these areas may lead to a return of the price to the starting point.
Buy and sell areas
• Buy: the ideal area between 225 and 220 (when rebounding from support).
• Sell: partial profit taking at 234, and total exit near 250.
Golden advice for traders
"Do not chase long green candles; wait for a retest of support areas (Retest) at 225, and immediately place a stop-loss order below 217 to secure your capital."
What will happen in the coming days?
The currency is expected to experience narrow fluctuations to absorb the selling pressure resulting from the recent rise. If buyers succeed in maintaining the 225 level, we will see a second wave targeting the 240 levels. The market is currently in a wait-and-see state for the breakout of the peak recorded in the chart.