This may prove important as the week progresses.
Additionally this important retest will be the third at said level, thus we have a Triple Bottom!
And Right on the 50% Fibonacci Level too! How convenient....
Of course all this is assuming is at "normal levels", which we know it is not...
Pretending we don't see the kind of whipsaws and gaps that are most likely (yeah right!) here is the confluence that supports the trade:
1. Triple Bottom
3. 50EMA Bounce
4. 122.50 Support Rejection
5. 50% Fib Level
6. The Trend is your Friend
As per previous post, Profit Target 1 provides a good 2:1 Reward Risk and Target 2 a 4.2:1.
Reaching Target 2 however may require a bit of a fundamental push also as a VERY strong 20 Year lays in the way (https://www.tradingview.com/x/F4Kaw2Fg/).
That said the Triple Bottom Set-up might be enough to get this push underway and with the NFP at the end of the week, we could well see Hawkish sentiment break price through...
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