Price movements are limited by the bounds of the green and yellow channels. During the previous trading weeks, we have seen a gradual price increase from the lower green wall to its upper bound. In addition, we have seen that the price has crossed the moving average many times, from this we can conclude that its impact on the price movement is not great.
The current structure suggests two options for possible price movement. According to the first option, the market will continue to move in a downward direction to the support level of 0.628, which is on the lower yellow wall. In case of a break below this level, the decline will continue to the next support at 0.621, which is on the lower green bound.
However, if we see market growth and a break of the moving average around the level of 0.638, the bulls will have the potential to raise the price to the upper green bound and the resistance level of 0.647.
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