In my previous analysis, I outlined a scenario where a break below the green dashed line before any corrective bounce would signal a bearish market structure.
This update builds on that idea with a slight variation:
Price has now broken below the lower boundary of the ascending channel, found temporary support at the blue dashed line (1.15030), and made a corrective bounce back to retest the channel. Following this retest, price has started to reject and move downward again.
Key Insight:
A confirmed break below the blue dashed line (1.15030) strengthens the bearish bias and suggests continued downside momentum.
Bearish Confirmation:
On the D1 timeframe, the formation of the Three Black Crows pattern indicates that sellers have gained control from buyers, reinforcing the bearish outlook.
Trade Setup:
– Entry: 1.15030
– Stop Loss: 1.15510
– Take Profit 1: 1.1472
– Take Profit 2: 1.1440
– Take Profit 3: 1.1391
This setup aligns with both price action and candlestick confirmation, providing a structured approach to capturing potential downside movement.
Trade safe and manage risk accordingly.