The price is testing a major resistance level near the 150.00 region, marked by the red zone. This level has been tested previously and acted as a strong resistance, leading to price rejection.
Potential Breakout:
If the price breaks above this 150.00 zone, there is potential for an upward continuation toward the 150.90 area, as indicated by the gray box.
Support Levels:
The nearest support is around 147.25, with a smaller support zone slightly below the current price at 148.00. A break below 147.25 could signal a shift in momentum to the downside, targeting lower support levels.
Trend Analysis:
The pair recently broke out of a symmetrical triangle, indicating a potential continuation of the bullish trend.
The upward momentum from this breakout could push the price higher if it sustains above key levels.
Outlook:
A close above 150.00 could trigger a bullish continuation, with targets near 150.90. If the price is rejected again at this resistance, we might see a retracement toward 148.00 or even 147.25.