Despite being ranged, the is on a on the 4H chart, printing Higher Highs and Higher Lows ever since the January (Lower High) (dashed line on the chart) broke. Since the price also crossed above the 4H MA50 which has been acting as a Resistance since January 8th (and is now holding as Support), there are higher probabilities to make the 52.20 break out. If that happens then the move will attract more buyers and we will most likely see an immediate test of the 4H MA200 (now around 56.00). Notice that this is roughly where the 0.382 level is.
This is in line with out longer term perspective as shown below:
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