US500: Breakout or reversal?

US500, H4

After reaching a new all-time high, the asset showed a slight decline. Currently, the price is attempting to test the local downward level and resistance level of 6240.

If the price breaks through the local downward level and the resistance level of 6240, there will be growth to the level of 6290;
However, if the support level 6220 is broken, a decline to 6190 will begin.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: FBS Analyst Team