This would make a pretty CUP & HANDLE pattern. With a retrace on it's 50WMA and finding support. Bullish Divergence on MACD and RSI on this timeframe making it a possible move to the upside.
If the pattern we're talking about is actually the CUP & HANDLE pattern and we break out I'll see a target of ~€13,6.
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Altho the correction may be done. Here are reasons why we could correct more or may have bottomed out.
Bullish : Bullish Divergence On Weekly
Bearish : Bearish Divergence That Played Out ( Confirmation ) Below The TK And The Cloud ( Ichimoku ) Below The 20 And 50 Weekly MA, Also Weekly BearCross Incoming. MACD Diverging Below The 0-Line.
Al These Bearish Indicators But Will We Go Down ? The week is still young waiting for the weekly close for the play out.