Hello Traders. Not surprising to see this pullback... we called the 1.2302 figure as you can see below:
Price gave a second stab at the 1.23 lows and formed a bit of a double bottom. However buyers stepped in earlier than they did last time, which is suggestive of strength. Institutional buyers (those who ultimately move price) were willing to get in at a worse price. The 1.2417 figure is going to act as the "line in the sand" for a deeper pullback.
If price can break above and sustain above 1.2417 we may see a deeper pullback with next resistance beginning at 1.2509.
Price gave a second stab at the 1.23 lows and formed a bit of a double bottom. However buyers stepped in earlier than they did last time, which is suggestive of strength. Institutional buyers (those who ultimately move price) were willing to get in at a worse price. The 1.2417 figure is going to act as the "line in the sand" for a deeper pullback.
If price can break above and sustain above 1.2417 we may see a deeper pullback with next resistance beginning at 1.2509.
