Moved to the top of a channel. Testing the 1.2950 area Clear divergence between the price action making higher highs, whilst RSI and MACD are making lower highs. Oversold on the daily chart, at levels last seen December 2019. Expecting at least a 50% retracement on the Fib.
Movement to complete the pattern is long, then the reversal and breaking of the ascending wedge to the short side.
Ascending triangle pattern indicating bullish breakout. Confirmed with other indicators such as RSI and EMAs.
Look for market reversal pattern forming here. First left shoulder of head and shoulders formed. Or First top of double top pattern has been formed. Daily RSI oversold. Look for pattern on 4 hr chart.
Potential double bottom chart pattern formed on a key resistance line (pink). Price has pulled back after breaking out. Look to add position on reversal of pullback. Bullish divergence shown on the RSI indicator
Testing key support line at 1.06964 (pink line). Price moving in a downward channel. Price may rebound off the bottom of the channel. RSI is showing currency is edging towards oversold. Possible trend reversal from the key support. Look for confirmation from higher volume. Also look for EMA 4 to cross EMA 9 upwards for extra confirmation.
Fib retracement added to set target profit 1 and target profit 2. These key lines have also already been used as support and resistance.
Key resistance line at 112.111. Price moving in an upwards channel. Look for price to rebound off the key resistance level on higher volume. Buy point 112.100 Take profit 109.500 (2.32%) Stop loss 113.050 (0.85%) Risk:Reward 1:2.72
Key Support at market bottom at 24th December 2018. Falling wedge pattern indicating an upside breakout.