At first glance, we can notice the repeated test of the bottoms; this fact is known as a confirmation of the buyers' strength in that resistance area: for this purpose, look at the green arrows; the fact is recurring six times if we consider also the last trading session; a break with other confirmations could trigger a bearish set-up until 61.80% FIBO level (at about 0.874) or even below that level, at about 0.867, the lower side of the first rectangle area (from April to June).
Indeed, the mentioned lows are highlighted also by the lower side of the following rectangle areas (from June to September; from September until today. The last rectangle area is bordered at the top by 23.60% FIBO level that links the top (at about 0.949) and the double bottoms, at about 0.827 (100% retracement).
The chart shows also the discharge of both oversold and volatility, from the lower band of the BBs and the consequential rebound in prices: it is very important to follow the next trading sessions, in order to understand the market moves and in order to set a bullish or trading strategy, respectively; the chart picture is very promising in a rebound, considering what happened before.
|Chart from Markets.com|
To conclude, the price is also near the 50% FIBO level at about 0.888, a critical level in one direction or another. Let's look at it, in assessing the market intentions.