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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