If the market breaks above the 150 handle, it could potentially reach the 155 level as it would signify a significant breakthrough in resistance. Conversely, a drop below the bottom of the candlestick would be seen as negative, leading the market towards recent lows and possibly even the 140 handle. This would indicate that the previous uptrend line has now become a resistance level, potentially signaling a breakdown in the market, possibly in response to trade war developments.
This analysis was originally published on FX Empire.
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