Pullback up from the low = 1.3009, on M1 the 10-period moving average has turned bullish, while on M5 a bullish engulfing signal has appeared, with key levels at 1.3046 and 1.3065, with a distance of 19 pips between them. The price is currently trading between these levels. This fact is very significant because based on the price positioning, it will indicate whether the signal is developing successfully or not. Price being above the lower key level and moving upwards signifies a successful signal development, a price breakout above the upper level is a bonus for bulls and buyers, signaling an upward continuation. Price movement downwards towards the lower level is a normal zigzag process in the rapid signal development. If the price drops below the lower level, it is unfavorable for bulls as it initiates the cancellation process of the bullish signal. It is essential to constantly monitor the price in relation to the key levels.
