We have a channel formed over the last 2-3 years and we have just tapped the bottom on the weekly chart and observed an almost perfect hammer with increased amount of volume compared to the last 8/10 weeks.
If we look on the lower time frames, price decreased rather quickly, 22 days to the bottom vs. 33 days to the previous top of the channel.
This leads me to believe a bullish correction is coming this next week to 1.654 before we start to see another drop aka buy opportunity until we ultimately reach ~1.68. IG Sentiment currently shows traders are overwhelming LONG (76%). Just to be safe I'll be using a 1.5x ATR of ~200 pip SL, which should be enough wiggle room to hit the strong support zone just below.
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