has my interest. Looking at the bigger picture, we still remain bearish
, creating lower lows and lower highs. What interests me is we are now trapped within a falling wedge
, which in my opinion is a bullish
market pattern which tends to result in a breakout above, we also have huge support below within the grey boxed area.
Therefore I will be watching price action to see how price reacts to 0.7125
area which aligns with:
- 0.618 retracement
from the recent high to low,
- Daily 50EMA
- Third touch of the descending trendline.