In this analysis we have a lot of strong bullish signs. I have to remind that we are in bullish MID-TERM trend and we have spotted near the bottom. It was 0.618 Fibo as good point for long. There is still open move for 0.786 Fibo but i really doubt that we could move there (it would be bottom of trade channel).
Bullish signals: 0.618 Fibo retracement correction Falling Wedge (bullish) or it could remind bullish flag after big move RSI trendline broken.
What to watch: A good entry would be after short-term EMA breakout up and falling wedge too. In this trade we could see a big potential move without confirmation so watch the reaction in the edge of resistant line (Falling Wedge).
When the market bounce down, we could see another retrace up in the 0.786 Fibo near 8.50-8.47.
Targets are SET: TP1 area -> 8.68 - 8.73 TP2 area -> 8.78 - 8.86
When the market breaks the upper trendline of Falling Wedge, so SL could be 8.56 or when the market tries to check 0.786 Fibo (8.50-8.47) SL -> 8.46. GL.
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Flag conservative targets (potential)
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Harmonic - ABCD (Potential)
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Nice reaction on 1H Chart
Trade closed: target reached
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We have reached our first take profit area at 6.685. Congratulate! You can set your SL to B/E. Wait for retracement. If u want rebuy, wait for correction. This TP1 area is really strong resistance zone.