Hello everyone!
-On a 4-Hour chart, we can see that the price reached a strong area of support and we can see that the price formed a double bottom pattern.
-Double bottom is a reversal pattern which means that the price is more likely to change current direction.
-The price formed few doji candles and the price is forming a bullish engulfing candle at this moment.
-In that area, we can expect that bears are losing their momentum and there is an opportunity for bulls to take control.
-If the price starts moving in a bullish direction I suggest being careful with those resistance lines and areas and to wait for confirmations and for breakouts.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
-On a 4-Hour chart, we can see that the price reached a strong area of support and we can see that the price formed a double bottom pattern.
-Double bottom is a reversal pattern which means that the price is more likely to change current direction.
-The price formed few doji candles and the price is forming a bullish engulfing candle at this moment.
-In that area, we can expect that bears are losing their momentum and there is an opportunity for bulls to take control.
-If the price starts moving in a bullish direction I suggest being careful with those resistance lines and areas and to wait for confirmations and for breakouts.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.