On the weekly TF we can see an overall uptrend and the trend is out friend. We also saw a double bottom
, along with a morning star
and bullish engulfing
candle, ending last week in its true form. Taking it down to the daily, we can see bearish
pressure with those huge wicks. I am expecting a move back own to 1.82500 before it reaches 1.85000. Another reason why I believe it will go beyond 1.85000 is because we are in a consolidation zone on the daily timeframe
and it has come down to the daily support for the 2nd time, giving us a 70% chance of it reaching the daily resistance consolidation zone for a 3rd time. Looking at a potential 250-500 pips.