From a technical perspective price has been in a closed triangle since 2015 and a second upper trendline has finally formed from the multiple false breakouts during the COVID-19 Pandemic spikes.
Right now, price has reached the 1.4900 zone, where it met with the bottom trendline of the closed triangle and with the monthly critical .
We will follow this scenario:
1. If we see a strong monthly close, price will move towards the 1.7000 area, where we have a triple confirmation point- the 0.618 Fibonacci level, a monthly and the crossover of two monthly . Since there are a lot of visible monthly (and one daily) critical supply/demand levels, price will build new HH according to them.
If this scenario happens, we can achieve a win with more than 1600 pips.
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