Potential Breakout in Progress as Price Tests Daily Resistance Zone
The market has recently experienced a strong break of the 0.8822 daily resistance zone, indicating a potential bullish trend. As price pulls back to test this level, the key question is whether the bulls will treat it as support. If they do, we may see a further push to the upside towards the weekly resistance level at 0.88856.
The significance of the 0.8822 level cannot be understated, as it has acted as a major barrier in the past. A successful retest and bounce off this level would confirm a bullish bias and signal a potential breakout in progress. Traders will be closely watching how price reacts at this critical juncture.
Should the bulls manage to maintain control and push price higher, the next obstacle to overcome will be the weekly resistance at 0.88856. A successful breach of this level could open the door for further gains in the near term.
Overall, the current price action suggests that a potential breakout is in progress, with the daily resistance zone playing a crucial role in determining the next direction of the market. #OPINIONLEADER# #Todayanalysis# #UStreasuryyields# #USDollar# #insightsboard#
Edited 01 Mar 2024, 03:00
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