As can be seen in the chart, there is a falling wedge pattern in the chart, which is a naturally a reversal chart pattern and is regarded as an intrinsically bullish formation. This chart pattern is occurring at the important Fibonacci level of 38.2%, and the fact that we have bullish divergence between price and the stochastic oscillator in 4-hour timeframe adds to the possibility of this chart pattern working.
Entries may be initiated at the bullish breakout of the wedge pattern, and based on a one-to-one minimum price target strategy, we can anticipate the price to reach its previous daily high.
Also it should be noted that in case of bearish breakout of the chart pattern this trade idea has failed alongside the chart pattern.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Entries may be initiated at the bullish breakout of the wedge pattern, and based on a one-to-one minimum price target strategy, we can anticipate the price to reach its previous daily high.
Also it should be noted that in case of bearish breakout of the chart pattern this trade idea has failed alongside the chart pattern.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Comment:
Price is approaching wedge pattern resistance zone where I expect price to break from the above and continue the bullish move started from yesterday due to possible stronger dollar for the coming days
Comment:
Price seems like is breaking wedge pattern formation from below.