© Dukascopy Bank SA
Pair is signalling for a major, 300 pip (from current to the prior to the pattern levels), recovery. This is the main preposition by the double/Triple bottom patterns—pair fails to reach ne (relative) low and returns to the previous trading levels. However, the Stochastic indicator, which predicts major turning points, and medium term technicals on aggregate send SELL signal suggesting that pressure coming from the pattern's resistance could push the pair lower. Such scenario becomes even more realistic taking in to account that pattern's beginning was the highest point in more than 2 years (bulls might lack strength after such rally).
© Dukascopy Bank SA