EUR/USD Had an overall uptrend breaking into a range on the 1D.
FIB Retracement showed price action respecting the .5 FIB levels in confluence with an uptrend line as support and a downtrend line as resistance.
A Three Inside Up candlestick pattern formed though it was imperfect.
Drew potential P/L zones with the intention of a PT at the .382 FIB level.
Worse than expected CPI news for the USD enhanced squeeze/breakout of trend channel or uptrend line.
I caught a potential Inverted Hammer on the daily chart. Now it’s not exactly at the end of the downtrend - More in a range so its possible this is a false signal.
However, price action continues to respect the uptrend line with the MACD showing convergence (26 crossing down to the 12) and a high volume bar for that Inverted Hammer.
Could be a long swing here - I placed my stop loss below the trendline and just below the last previous low and got in on the close of the Inverted Hammer. We’ll see how this goes next week!
