$FXS Breakout Push – Rally Just Getting Started or Due for a Cool-Off?
FXS is currently trading at $4.046, up nearly 19% on the day following a strong bullish breakout. Price has just tapped fresh highs at $4.099, supported by surging volume, suggesting strong buyer interest. However, traders should be cautious of potential rejection or overextension.
Key Levels to Watch
• Resistance: $4.100 – A breakout above this may lead to a continuation toward $4.220 and $4.340
• Support: $3.985 – Failure to hold this level could lead to a retracement toward $3.900 and $3.800
Trade Setup
Bullish Scenario
• Entry trigger: Break and hold above $4.100
• Target 1: $4.220
• Target 2: $4.340
Bearish Scenario
• Entry trigger: Drop below $3.985
• Target 1: $3.900
• Target 2: $3.800
FXS has broken above key structure with strength, but whether momentum can sustain depends on how price behaves near the $4.10 mark. A breakout confirmation or rejection will dictate the next major move.