FLUX
The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is poised for a bounce. A retest of this boundary is expected.
The Relative Strength Index (RSI) indicates a downward trend, and this trend is likely to continue due to the overbought condition.
There is a key support zone in green at 0.0580. The price has bounced off this zone several times, making it a strong support level.
The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.
Entry Price: 0.0588
Target 1: 0.0597
Target 2: 0.0608
Target 3: 0.0622
Stop Loss: At the resistance zone in green
Remember this simple rule: Money management.
Any questions, please leave a comment.
Thank you.
