symmetrical triangle or a pennant.Symmetrical Triangle (A-B-C-D):
The chart forms a well-defined triangle with lower highs and higher lows, which usually indicates a consolidation phase.
The breakout has occurred at point D, suggesting strong bullish momentum after a period of indecision.
Measured Move:
The yellow line projecting upwards likely represents the target based on the triangle's height. The target seems to align with the 0.800 level, suggesting a significant upside potential.
This method of setting targets (height of the triangle added to the breakout point) is a common technique.
Breakout Confirmation:
After the breakout from point D, there is some retracement, but the price remains above the breakout level, indicating that the bullish move is intact.
Volume and Momentum:
Though volume isn’t visible in the chart, a strong breakout typically coincides with a volume spike, further confirming the move.
The retracement after the breakout suggests a healthy correction before potentially continuing higher.
Key Levels:
Support: Around the breakout level (0.515), which should hold if the bullish trend is to continue.
Resistance: The projected target at 0.800. If momentum is strong, the price could aim for this target or beyond.
