Key Observations:
1. Support Zone & Trendline:
A support zone (marked in red) is visible, which aligns with a rising trendline. The price has tested this area and bounced upwards, suggesting demand at this level.
2. Bullish Rejection & Confirmation:
The recent price action shows rejection of lower prices within the support zone.
A bullish candle has emerged after the price tested this zone, hinting at potential upside momentum.
3. Moving Average Resistance:
The 200-day EMA (Exponential Moving Average) at 0.84058 acts as a significant resistance level.
If the price sustains above the trendline and support zone, a potential retest of the 200 EMA is likely.
4. Price Target & Direction:
The blue arrow suggests an expected bullish move.
The immediate target is around 0.8400 – 0.8450, where the 200 EMA and previous price action resistance exist.
Conclusion & Trading Plan:
Bullish Bias: As long as the price holds above the trendline and support zone, further upside is favored.
Breakout Confirmation: A daily close above 0.8350 could further confirm bullish momentum.
Bearish Scenario: If the price breaks below the trendline and support zone, it could trigger a bearish move toward 0.8250.