Our expectations: Long-term upward trend, medium-term adjustment. The price has reached key levels of support.
Comment: The long shadow of the previous weekly bar shows that the downward movement is losing momentum. It is possible that the current weekly bar does not close below the local minimum, which will be a strong signal for promotion.
On the daily chart there is no turning formation of Japanese candles yet, but the price forms the technical figure wedge. A swallow bar is currently being formed, and upon confirmation we will position it at 50% return to today's strong bullish bar, which allows us to move SL further.
Today is the last trading session of the quarter, it is possible to observe the gains of the downward movement, which will further support our analysis.
DeMarker's weekly, daily, and 4-hour graphs are in the range below 0.3, so we're only receiving a 4-hour purchase signal.
Alternative scenarios: breakthrough, test and repulsion from strong support will trigger multiple sales.
SL: 1.2977
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