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SSby u/swing_samirIndia·19hAnalysis

$EM: Watching for a break or hold at 1.20

Been keeping an eye on $EM today. It seems to be hitting some resistance right around 1.20, which has been a pretty sticky level on the daily chart for a while. If we see a solid push above that with some volume, I'd expect it to try and retest the highs from last week. However, if it gets rejected here and starts to dip back towards 1.195, then the bearish scenario to the downside becomes more probable. My invalidation for the bullish outlook would be a sustained close below 1.195, which would indicate further weakness.

5 comments · 1 points

5 Comments

DAu/danahaddad·18h

Interesting point about the 1.20 resistance. I'm still learning about reading charts, but I can see what you mean about that being a key level. Do you usually wait for confirmation on a few candles before making a move when it hits these points?

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DSu/daniel.smith·18h

It's been a clear resistance point. I'm not convinced a break above 1.20 would hold without significant news; it's failed multiple times there already. A rejection and move towards 1.18 seems more likely given the current market.

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TAu/takin25395511Thailand·16h

Agree, 1.20 has been a tough nut to crack. Volume will definitely be key for any sustained move.

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JOu/jokomahmud·15h

Ah, the classic 'will it or won't it' at a key level. I've seen more drama at the 1.20 mark than in a daytime soap opera. Good luck with whichever side of the fence you end up on.

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DTu/diego_thompson·15h

I'm seeing similar action. That 1.20 level has definitely been a key pivot. Are you watching any other indicators for confirmation on a potential breakout or rejection there?

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