Yes indeed, we could audaciously proclaim don't get bear trapped.
Despite these patterns our assertive bets are on sides in the weeks to come, now don't come back furiously with misconception if there are any abrupt dips.
Yes there could be dips as result of above stated indications. These patterns on monthly were extremely helpful for long term traders visually to see where resistance and supply likely located and you can see their effects on daily price dips.
On the contrary, we also love to have price jumps as most important pattern which may favor our long term hedgers who have their FX receivables or payables.
Well, if it's bouncing then let's not perplex around.
To keep it precise the pair is dealing within channel range of 900 pips on either side, today has tested the resistance at around 2.0988 levels and broken intraday.
If it holds near EOD , no surprise spike up to 2.1229 levels and even drags to levels around 2.13.
So reiteration is that trend is your friend so don't dare to buck the trend, no matter what.
So, Cheers...! and Happy trading, we come up with strategies for hedging arrangements shortly.