The session’s almost over, but just before shutting down the screens this setup caught my eye, and I knew I had to share it.
No overthinking, no polish – just raw insight from the chart. Because sometimes the market leaves us a little breadcrumb at the end of the day… and if you paying attention, it might be the one that matters.
Let’s zoom in.
On the above chart something interesting happened on November 11th.
The pair broke above the short-term declining red resistance line, which had previously stopped bullish attempts at the end of October. The breakout wasn’t just a quick spike – it got confirmed.
A classic technical verification followed (purple ellipse), which paved the way for a rise toward the first real test: the red zone around 1.1650 created by the previous highs and the 38.2% Fibonacci retracement of the entire preceding downtrend.
This level proved too tough for buyers – at least for now – and price reversed.
But here’s the twist: the correction respected the very same red line. Former resistance = current support. When we add to that the 78.6% Fibonacci retracement acting as reinforcement… and what we have? A legitimate staging ground for another rebound.
Indicators? Buy signals.
Price action? Consolidation
Context? Déjà vu. A similar sideways move at the mid-November top preceded a reversal.
Lesson of the day?
Support-resistance flips matter. When a previously respected trend line gets broken and tested successfully that’s a major technical statement. If bulls defend that red line again, we might see another march toward 1.1650 zone.
But! No breakout = no party. As we’ve said before: no exit from consolidation, no signal.
So, we wait – sharp, patient… and ready.
The market’s always talking – you just need to know what to listen for. This was one of those whispers. More soon.
Anna
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