Update here
I have been watching this pair for more than a month. First someone showed me the class A bullish divergence, but I thought it might be just a correction. Now, we have another divergence, class B this time, forming a Double Bottom with double divergence.
Looking back half an year, the price action is by the book, with every lower low a lower high is coming, retesting the broken support. This pattern is labeled with the purple and green rectangles.
From August to November the pair was transitioning, movement was sideways, but couldn't brake the double bottom neckline at 1.1584. Same thing happened in February, test and failure, and now we are retesting the previous low, and as I said a class B bullish divergence took shape, after a class A bullish divergence. The first resistance is at 1.0616 and I really want to see it broken, in order to fully confirm my long bias.
First target is at the previous 3 highs, 1.09123. A brake over this level would make me look for the double bottom target, where we also find a great resistance level from previous support, and a very strong fibonacci cluster.
I made this chart on the run, so please excuse me if there are typos or charting mistakes!
I have been watching this pair for more than a month. First someone showed me the class A bullish divergence, but I thought it might be just a correction. Now, we have another divergence, class B this time, forming a Double Bottom with double divergence.
Looking back half an year, the price action is by the book, with every lower low a lower high is coming, retesting the broken support. This pattern is labeled with the purple and green rectangles.
From August to November the pair was transitioning, movement was sideways, but couldn't brake the double bottom neckline at 1.1584. Same thing happened in February, test and failure, and now we are retesting the previous low, and as I said a class B bullish divergence took shape, after a class A bullish divergence. The first resistance is at 1.0616 and I really want to see it broken, in order to fully confirm my long bias.
First target is at the previous 3 highs, 1.09123. A brake over this level would make me look for the double bottom target, where we also find a great resistance level from previous support, and a very strong fibonacci cluster.
I made this chart on the run, so please excuse me if there are typos or charting mistakes!
