After the huge selloff on this pair, on the weekly/daily timeframes we have rejected a key support area as well as a long term trend line with a low test candle on the weekly and bullish momentum on the daily. After seeing this, I always look to the intra day charts to see if there is any sign on a trend change. What you can see is a triangle/ falling wedge pattern with 4hr MACD divergence and price getting squeezed between the trendline and the key support zone . Right near the apex of the triangle, the bulls took over and made a clear higher high. I am looking to take this first lower high with a good rejection of the 1hr 50ema (which has previously been great dynamic support/resistance ), the pivot and 0.382 fibonacci. I will be targeting 0.90 as this has been a respected price in the past.
Comment: Trade closed for a nice profit


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