

The analysis of reveals key insights into its current market behavior. The chart reflects a dominant bearish trend, characterized by numerous technical indicators pointing towards ongoing selling pressure. A combination of candlestick patterns, MACD readings, and volume changes drive this bearish outlook.
The chart shows a series of strong bearish candlesticks indicating consistent selling pressure.
There is a clear absence of reversal patterns like a hammer or bullish engulfing at the current price level.
The trend is strongly bearish, with lower highs and lower lows.
The MACD line is below the Signal line, indicating bearish momentum.
The distance between the two lines is widening, suggesting increasing bearish momentum.
The histogram is negative and increasing in size, reinforcing the bearish trend.
There is a noticeable increase in volume accompanying the recent price drop, suggesting strong conviction behind the selling.
The rise in volume supports the sharp price decline.
The increased volume may indicate institutional selling activity.
Immediate support is around the 1.16000 level. A break below this could lead to further declines.
Previous support at 1.17000 now acts as immediate resistance.
A recovery above this level is needed for a bullish reversal.
Consider holding short positions or entering new ones after minor pullbacks, as long as the price remains below 1.17000.
Look for confirmations like bearish candlestick formations for entry points.
Watch for a potential bullish reversal pattern near the 1.16000 support level.



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Secured By SSL. Copyright © Axia Trade. All rights reserved. 2024
Company Information: This website (www.axiainvestments.com/) is operated by Smarttool Trading SC Limited, a Seychelles investment firm, authorised and regulated by the Financial Services Authority of Seychelles with license number SD034. Smarttool Trading SC Limited is located at Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles.
Partner company Marketvalley Ltd provides business operation services for Smarttool Trading SC Limited, office address: Archiepiskopou Makariou III, 198 Marinos Court, 1st Floor, Flat/Office 13, 3030, Limassol Cyprus, registration number HE415749.
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Smarttool Trading SC Limited does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Smarttool Trading SC Limited does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Smarttool Trading SC Limited is not a financial adviser.