Looking at a daily chart, Amen notes that spot is down on the week but he has flipped to a bullish view. He sees that RSI has shuffled sideways for a number of days, suggesting that it is close to reaching a floor. Further, he sees that bandwidth expansion has been rapid and is reaching levels where it has historically declined. Amen finishes by writing, “This suggests it is getting closer to a retracement within the range. Furthermore, today's candlestick is a hammer, which is often a sign of a low. Our target is 1.5900 (200D SMA).”
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