HIGH-RISK, HIGH-REWARD UT OPPORTUNITY
BULLS:
Based on the recent price close above the minor Resistance level @ 1.0691, there is a possibility of the uptrend pattern continuing. It appears that the ongoing bullish pattern, which began on April 16, 2024, may persist. Furthermore, the Relative Strength Index (RSI) on the lower timeframes, ranging from M5 to H1, indicates potential for additional gains.
There may be constraints on the upward momentum. There are resistance levels at 1.0734, which are close to the Supply Zone. These levels could pose a challenge and the release of the upcoming US CPI data might bring about some volatility, which could potentially reverse the current uptrend.
BEARS:
Currently, there is still a prevailing pessimistic outlook when considering the 4H timeframe. Some analysts see the recent increase as a correction within a broader downtrend that started on July 18, 2023, and they expect a decrease to support around 1.0541.
BULLS:
Based on the recent price close above the minor Resistance level @ 1.0691, there is a possibility of the uptrend pattern continuing. It appears that the ongoing bullish pattern, which began on April 16, 2024, may persist. Furthermore, the Relative Strength Index (RSI) on the lower timeframes, ranging from M5 to H1, indicates potential for additional gains.
There may be constraints on the upward momentum. There are resistance levels at 1.0734, which are close to the Supply Zone. These levels could pose a challenge and the release of the upcoming US CPI data might bring about some volatility, which could potentially reverse the current uptrend.
BEARS:
Currently, there is still a prevailing pessimistic outlook when considering the 4H timeframe. Some analysts see the recent increase as a correction within a broader downtrend that started on July 18, 2023, and they expect a decrease to support around 1.0541.
Professor C. E. Ward