Daily analysis
Price has been in a descending wedge pattern for the past month.
Fri 3/7 saw a daily inverted hammer candle at the bottom of the wedge formation & this formed at a daily structure level.
4H analysis
Wait to see a clear break to the upside then a retest of a previous local SL/SH on the 4H or 1H timeframe.
Taking the fib retracement of this long bearish move - the 0.236 and 0.5 have good convergence with previous structure so could be good places for profit targets.
Price has been in a descending wedge pattern for the past month.
Fri 3/7 saw a daily inverted hammer candle at the bottom of the wedge formation & this formed at a daily structure level.
4H analysis
Wait to see a clear break to the upside then a retest of a previous local SL/SH on the 4H or 1H timeframe.
Taking the fib retracement of this long bearish move - the 0.236 and 0.5 have good convergence with previous structure so could be good places for profit targets.
Trade closed: target reached