Deriving from the Weekly-timeframe graph on the left-hand side of the screen, the price is headed towards the crucial area of resistance lining up with the 50% FIbonacci retracement level highlighted on the chart.
Zooming into the H16 and lower timeframe charts, it can be inferred that a crucial area of resistance has been reached and the price is attempting to break out of the sideways-moving range it has been consolidating within. If the local region of resistance gets penetrated by bulls, then a small re-touch will be awaited before entering long positions and aiming for the zone plotted and targeted on the Weekly graph.
Zooming into the H16 and lower timeframe charts, it can be inferred that a crucial area of resistance has been reached and the price is attempting to break out of the sideways-moving range it has been consolidating within. If the local region of resistance gets penetrated by bulls, then a small re-touch will be awaited before entering long positions and aiming for the zone plotted and targeted on the Weekly graph.
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