EUR/USD: MTF perspective. On our way to new Higher Highs?
Looking at the Daily timeframe graph on the left-hand side of the screen, we may observe how the price has nicely rejected a crucial area of support highlighted on the chart by printing a huge wick candle the tail of which has bounced off the 61.8% Fibonacci retracement level drawn from the beginning of the recent impulse.
Zooming in and observing H16, H8, and H4 timeframe graphics, it can be noticed that the price has some imbalance to fill before continuing its upside movements. In other words, a solid bottom pattern should be formed before the price is able to push to the upside. Therefore, we are patiently waiting for the price to POTENTIALLY re-visit the area of support plotted on the graph and form some sort of a Double Bottom before going long and aiming for the target pictured on the graph.
Zooming in and observing H16, H8, and H4 timeframe graphics, it can be noticed that the price has some imbalance to fill before continuing its upside movements. In other words, a solid bottom pattern should be formed before the price is able to push to the upside. Therefore, we are patiently waiting for the price to POTENTIALLY re-visit the area of support plotted on the graph and form some sort of a Double Bottom before going long and aiming for the target pictured on the graph.