Price action has encountered a significant resistance zone around 108.430 - 108.477, leading to a rejection and subsequent retracement. The current price at 108.092 shows a minor recovery after testing support near 108.000.
Key Points: Entry Trigger: The bearish engulfing candle near resistance signals potential downside. Target: Support zone around 107.595, aligning with recent demand and price rejection. Stop-Loss: Above 108.430, considering resistance holds. Indicators: RSI (14) at 42.18, showing mild bearish momentum. Volume: Noticeable selling pressure on the recent decline. If price sustains below 108.151, further downside towards 107.595 remains likely. However, reclaiming resistance may invalidate this bearish scenario.