Price is moving in a descending channel on an hourly timeframe. It has reached the minimum and is approaching a break, with an expectation to retest the upper limit.
We have a bearish trend on the RSI indicator, which has approached the minimum, and a bullish bounce is expected.
There is a major support area in green at 0.0950. The price has bounced from this level several times and is expected to bounce again.
We have a trend towards stability above the 100-period moving average as we approach it, supporting the upward movement.
Entry price: 0.0961
Target one: 0.0978
Target two: 0.1005
Target three: 0.1039
Don't forget a simple principle: money management.
Place your stop loss below the green support area.
For any inquiries, please leave a comment.
Thank you.