ANALYSIS 🔎
- FORBUSD was consolidating in the symmetrical triangle pattern.
- Price brokeout above the symmetrical triangle's inclined resistance.
- The market hit a swing high and retraced.
- Price is retesting the symmetrical triangle's inclined resistance, horizontal support level (S1) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- The retracement is resisted by the descending trendline resistance (DTR).
- Breakout above this descending trendline resistance could be an uptrend continuation signal.
BUY ENTRY ⬆️
- Breakout above the descending trendline resistance.
- Retest of the descending trendline resistance after the breakout.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
- FORBUSD was consolidating in the symmetrical triangle pattern.
- Price brokeout above the symmetrical triangle's inclined resistance.
- The market hit a swing high and retraced.
- Price is retesting the symmetrical triangle's inclined resistance, horizontal support level (S1) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- The retracement is resisted by the descending trendline resistance (DTR).
- Breakout above this descending trendline resistance could be an uptrend continuation signal.
BUY ENTRY ⬆️
- Breakout above the descending trendline resistance.
- Retest of the descending trendline resistance after the breakout.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.