On 2 occasions this morning price came down to the lower end of range around 2.1370 and moved, see the arrows up, going back to the W pivot 2.1394. The importance of the W pivots shown again.
After the Frankfurt open price again moves down to the lower range which holds. We get a hammer, then a classic doji before the engulfing close at the range. Especially considering the time of day after FO, dare I say it 30 minutes into the session (a trader I greatly respect told me about the FO reversal at this time) and volumes now a little higher.
If the lower end of the range was so strong why did price not react like it did twice before and move up?
Like everything else in trading just be aware of the set up and look for it when back testing.
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