The break below the triple bottom (White) looks to have been a false break with the market reversing pretty quickly once it was back above the 1.55800 low.
The 1:1 (Yellow) saw some selling on the first test a few day back but there was little follow through, the market is now looking to push for stops above the 1:1 (Yellow) high. A solid close above this level will go a long way to confirming that 1.55400 is the bottom, however there are still a number of important resistance levels on the topside to be mindful of.
- The 1:1 (Blue) at 1.57750.
- The 1:1 (White) and 50 fib that coincide at 1.58500/600
- The 1:1 (Green) at 1.60150
* A 1:1 refers to a current correction being equal in length to a prior correction