The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is heading towards a breakout, with a retest of the upper boundary expected.
The Relative Strength Index (RSI) is showing a downward trend, approaching the lower boundary, and an upward bounce is anticipated.
There is a key support zone in green at 1.90, and the price has bounced from this level several times. Another bounce is expected.
The RSI is showing a trend towards consolidation above the 100-period moving average, which we are approaching, supporting the upward move.
Entry Price: 1.93
First Target: 1.94
Second Target: 1.97
Third Target: 2.00
Stop Loss: Below the green support zone.
Remember this simple thing: Money management.
For any questions, please leave a comment.
Thank you.
