Today, this setup gets more interesting. The lower bounds of the were tested, over-reached a little, but then shot back up, forming a good size . The price is still staying below the moving average, but as you might know, I am now waiting until I see a strong drive up (creating the pin and drive reversal entry trigger I often trade).
The , together with the previous test of the , creates somewhat of a . If this holds, I could see the price reverse and move up, with some of the potential resistance levels mapped out in light blue. If the breaks, there is a lot of downside for this pair as well. I'm keeping my options open, with a careful long bias.
As I said, I'm waiting for a drive candle; a momentum candle to the upside. I have alerts set at 0.75200 and will re-evaluate the price action once the price reaches it.
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