I am anticipating a bullish move on this pair.
On the daily timeframe, the market has rejected the strong 1.275 area of support which is in line with the 61.8 fib level on the weekly.
A double bottom pattern can be identified on the H4
1. Bullish flag on the weekly channel
2. Double top formed on the daily
3. Market broke the 0.768...support and is testing it as a resistance level.
4. Another double top on the 4H timeframe.
5. Symmetrical triangle formed on 1H from a downtrend.
Looking at this pair, it has been bullish for a while now. It then formed a head and shoulders as highlighted in the image. This pattern suggested a bearish move. The market respected the pattern and thus bears were in control, market made a retracement from the 27th of November(1.159...). It had a 5 day and more bullish move. A double top presented itself on the...
