We can see a prominent bullish pinbar on the weekly chart which had a high-low range of 4.7%. The last time we saw a reversal candle of this magnitude was the bullish hammer in November 2016, which marked the beginning of a rally spanning over 19%. That’s not to say that the cross is poised for a double-digit return from here, but the bull-camp will likely take comfort knowing that last week’s flash crash failed to close beneath 80.57 support and invalidated a 2-year head and shoulders pattern. And with near-term momentum favouring the bull-camp, the upside break appears the more likely outcome at the moment.
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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.