Looking at his daily chart, Amen begins by noting that spot is down on the week and he is flipping to a bullish view. He comments that spot has repeatedly failed to break below the 20D SMA, which suggests that there is important support on the downside. Further, he notes that bandwidth has also fallen significantly, suggesting that spot is likely to range. He writes, “Hence, spot is likely to retrace within the range higher. Also the RSI appears to have bottomed out, suggesting it has reached a short-term low. Our target is 1.3020 (above 20D SMA).”
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