#but

The price is moving inside a descending channel on the 1-hour time frame and has reached the minimum. It is now ready for a bounce and is expected to retest this limit.

The Relative Strength Index (RSI) indicates a downtrend, which is likely to continue under overbought conditions.

A major support area (in green) has been identified at 0.7730. The price has bounced from this area several times, making it a strong support level.

The price is heading towards the 100 period moving average, which we are getting close to. This trend supports the upward movement.

Entry price: 0.7100
First target: 0.7240
Second target: 0.7487
Third target: 0.7730

You can close at the second goal or wait for the third goal. The choice is yours.
Stop loss: at the resistance area (green).

Remember this simple rule: manage money.

Any questions? Please leave a comment.

Thank you.

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