Price was previously following a channel making lower lows & highs. Price then made a breakout to create a new higher high, now pulled back creating a higher low at 1.10000 key level which aligns with the 61.8 fibonacci retracement which is holding as support making a potential double bottom formation now. From here will be anticipating a further move to the upside back towards the double top resistance (orange zone).
Comment:
H2: False breakout occurred, as it did in the past at this zone. Then a bullish engulfing candlestick made showing buy pressure remaining strong at this key level.
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Weekly: Big picture wedge pattern
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H4:
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Trade closed: target reached