:After a steep decline, the price formed a sharp V-shaped recovery from the low near 1.43250, marked by the significant pivot.
The recovery aligns with a new trend channel (purple), suggesting a reversal into a bullish phase.
Wave Structure:
The displayed Elliott Wave-like analysis highlights the price's progression through structured waves, forming a new impulse wave upward.
The chart marks higher highs and higher lows, reinforcing the bullish sentiment.
Entry and Target:
A buy position was triggered at a lower level, aiming for the upper side of the channel or the resistance zone around 1.44043.
The trade aligns with the ongoing momentum, using the Fibonacci levels (visible from the pink shaded area) as a target zone.
Indicators and Confluence :
Ribbon & Trend Indicators: The price has sustained above the ribbon band, indicating bullish momentum.
Forbex Indicator: Positive values support the bullish bias, confirming upward momentum.
The Daily Open line acts as a key support and potential reentry point.
Timeframe Context
:The Daily (D1) and Weekly (W1) side panels both suggest continued upward pressure, aligning with the short-term trend.
ATR and Volatility :
ATR shows the trade is within acceptable risk and reward levels, with a Bid Ratio of 58.69%, indicating bullish dominance.
Potential Commentary:
Strengths
:The recovery from the pivot low demonstrates strong bullish control, confirmed by indicators and wave alignment.
The confluence of the ribbon, channel, and Fibonacci targets adds confidence to the upward trade setup.
Weaknesses:
The main risk is price failing to break above 1.44043, where heavy resistance or profit-taking may occur.
A sudden change in momentum, possibly triggered by forex news events (highlighted below), could reverse the trend.
Outlook:
The trade aligns with the trend, offering a reasonable risk-to-reward ratio. However, monitoring how price reacts near the upper resistance and the daily open line is crucial.
Action Plan :
Maintain the current long position while monitoring the resistance zone.
If the price rejects resistance, consider partial profits or trailing stop placement below key pivot points.
Watch for any breakout above 1.44043, which could signal further bullish continuation.
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