Yesterday's Fed rate data produced a climax move pattern across a number of currencies
Price pushed into a liquidity-taking zone on extreme volume and an extreme spread. Since the start of the new trading day, dollar-buying activity has cooled off, and price has started forming a reversal.
If price is sitting at a global extreme when this happens, the pattern can end up setting the trend for the next 1-2 months.
If the pattern doesn't get confirmed, traders can treat it as a continuation pattern instead, once the setup factors line up.
For more on price patterns, check the UniqUnits app
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