In this article, we want to give you a “heads up” on USDBRL
The pair is testing the strong long-term uptrend support line 3.7100 level and has formed a consolidation triangle.
The bounce of this level could lead to another swing up into the previously broken trend line. A daily close below 3.6800 level would lead to an extreme downside extension into the 3.5500 level.
You can trade this setup in both directions. In the case of a daily close above the 3.7200 level place a long trade entry with the stop loss below the 3.6900 level targeting 3.8700 level at least. In the case of a daily close below the 3.6800 level take a short trade entry with the stop loss above the 3.7000 level targeting 3.5500 level lower.
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