Price Action Context
The strong bull run from ~3.30 last year has been followed by a long consolidation period which has lasted for almost a year at this point. Bulls slowly seem to be taking control though, indicated by the weaker rejections from the well-defined LT resistance, forming a LT bullish pre-breakout structure.
LT bias is bullish, and a successful breakout north would open up a lot of potential upside, with 4.10 being the next key resistance to look out for. A breakdown of this pre-breakout structure prior to a breakout, alternatively a false break at this key resistance would likely be followed by a move back down towards 3.60-3.64.
Key Support & Resistance Zones
R: 3.8350 – 3.8650
S: 3.6000 – 3.6400
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