As it can be illustrated from the graphical representation, a massive sideways-moving rectangular box has been formed and the price is currently at the lower boundary of it.
Zooming in, we can notice that the price has broken out of the descending channel plotted on the chart and re-tested the local structure.
The current 8H candle has left a long tail to the downside and is another confluence adding up to the BUY scenario.
From here on, we are eyeing long positions and aiming for two targets: the 0.618 Fibonacci retracement level shown on the graph as the first target, and the upper boundary of the box as the second.
Happy July, family! Hope you can make a good use of the idea.
Zooming in, we can notice that the price has broken out of the descending channel plotted on the chart and re-tested the local structure.
The current 8H candle has left a long tail to the downside and is another confluence adding up to the BUY scenario.
From here on, we are eyeing long positions and aiming for two targets: the 0.618 Fibonacci retracement level shown on the graph as the first target, and the upper boundary of the box as the second.
Happy July, family! Hope you can make a good use of the idea.