NG: Breakout Level Retest

After a downtrend, price started to move sideways for a while. Then, as you see in the 4H chart, the bearish momentum has been decreased and the sideway zone is broken out to the upside and price had a sharp upside move.

Currently, price is bouncing in an ascending parallel channel and is about to retest the broken level (yellow colour), and also the channel’s lower side.

If there was any bullish reversal pattern in lower time frames like m30 or m15 ( double bottom , reversal H&S ,…), we can expect a rise towards the channel’s upper side at 4.650

Otherwise, if price breaks the yellow level to the downside and closes a bearish candle below this level, the bullish scenario is going to be invalid.

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