failed to reach the ideal target of the head and shoulders
pattern, rallying back above the neckline of the pattern, which forms a new neckline for a double bottom
formation. The recent dip towards the neckline was re-bought, as price formed a pin bar
indicating renewed demand. A break above the recent minor swing high at 0.8340 resistance areas should confirm another leg higher towards the 127.1% extension as a first target followed by 0.8400 areas.
A break back below 0.8300 will probably negate this scenario, and could be a negative reversal signal. That will strongly indicate a sideways market with no clear bias.