The price has formed a double bottom pattern with the neckline at the 104.50 level. We look to buy from here to play a rise to the double bottom exit potential of 105.30. Stop loss is close to the previous swing low of 103.75.
The RSI has also crossed back above a previous strong support line showing signs of a potential recovery if it manages to hold above it. 105.30 is also a fibonacci retracement level of the recent move down.
Trading recommendations:
Entry now
Take profit at 105.30
Stop loss at 103.75
