After four months of moving sideways wit downward bias, a bullish formation has formed on the daily chart in the last couple of weeks: Ascending triangle.
Although an ascending triangle is more commonly seen as continuation patterns, there are times that it usually serves as a reversal pattern.
Breaking the resistance of the pattern at 2.20 would suggest a target of 2.40 in the short term.
Short-term upside potential : 9%
Long term upside potential : 29% - Breakout point 2.20 to 6-month high at 2.84.
*Formation of lower trough could simply mean a trading range.
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