One of my favorite chart patterns. Pattern indicates a bullish and reversal setup. There has been 2 failed attempts to break out of the upper trend line. At the same time price rejecting the 1.2480 level with a nice hammer candlestick pattern. Strong confluence point (Resistance+trendline). A conservative approach would be for price to break trendline upto levels 1.2560-90 before jumping in or wait for retest back to 1.2530-40 which would become support. Or maybe price could still revisit 1.2480 level once more and deep further south? My bias is bullish so would be on the look out for further confirmations and intraday setups to go long.
Potential Targets - 1.2600-70; -1.2700; - 1.2800-50.
Potential Targets - 1.2600-70; -1.2700; - 1.2800-50.
Next 1.2850