The price has retraced to the H1 support level, where a previous H1-to-H1 engulfing pattern signalled strong buying momentum. As the price returns to this zone, it is expected to respect the prior momentum. Wait for a confirmed H1 engulfing candle, which could lead to a potential spike towards the nearest resistance area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.