We have a channel formed over the last 2-3 years and we have just tapped the bottom on the weekly chart and observed an almost perfect hammer with increased amount of volume compared to the last 8/10 weeks.
If we look on the lower time frames, price decreased rather quickly, 22 days to the bottom vs. 33 days to the previous top of the channel.
This leads me to believe a bullish correction is coming this next week to 1.654 before we start to see another drop aka buy opportunity until we ultimately reach ~1.68. IG Sentiment currently shows traders are overwhelming LONG (76%). Just to be safe I'll be using a 1.5x ATR of ~200 pip SL, which should be enough wiggle room to hit the strong support zone just below.
If we look on the lower time frames, price decreased rather quickly, 22 days to the bottom vs. 33 days to the previous top of the channel.
This leads me to believe a bullish correction is coming this next week to 1.654 before we start to see another drop aka buy opportunity until we ultimately reach ~1.68. IG Sentiment currently shows traders are overwhelming LONG (76%). Just to be safe I'll be using a 1.5x ATR of ~200 pip SL, which should be enough wiggle room to hit the strong support zone just below.
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