Last week a double bottom was made at support around 112.50 with price moving up almost 200 pips total on the Thursday and Friday. We are currently sitting just below resistance at around the 115.00 area. I expect price to break this area and hit 118.50 at some point in the coming weeks.
As the weekly candle closed again creating another hammer top. This adds confluence to the long bias as it shows that buyers were able to overcome the selling pressure and closed above the open.
Stops - at/just below 113.50
Target - 118.50
As the weekly candle closed again creating another hammer top. This adds confluence to the long bias as it shows that buyers were able to overcome the selling pressure and closed above the open.
Stops - at/just below 113.50
Target - 118.50
