After the accumulation phase breakout, an unattended order block was created and price aggressively drove up in an inverse manner. Price was rejected by the neckline, made a pullback to the fair value gap and aggressively corrected the inefficiency. Price then decreased and got rejected several times before increasing all the way up to the supply zone. The supply zone was validated, witnessed a drop which also got a rejection, price is failing to activate the pending regions. We now have an indecisive correction move accompanied by three current bullish candlesticks. With the correlation idea, this pair is also more likely to drop to the order block or even lower to the demand zone. However, we ought to keep in mind that the market could go bullish and create a new high…
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.