Price has dipped below the previous low. That is what I was looking for more or less.
Today, there was a mother rejection candle that formed on the daily timeframe. On the 4H I have spotted a two-candle bullish engulfing pattern.
All those patterns are indicating that the bullish enthusiasm is returning slowly. Coupled with the bearish rejection from last time, we are looking at a potential reversal here.
I will be looking at the level of 0.7830 for a potential long entry. You should also be careful with the 0.7880 level and especially if the price rejects it.
My hypothetical target is 0.7900. My secondary target is 0.8100, but it depends on how price at around those levels.