The move that is missing here is the backtest of the 50 EMA band.
We have seen 2 cover lows with a capitulatio and a reversal divergence.
The 30-sample daily BB was touched. Wave 4 up can commence from here.
The Hourly is going into a squeeze, there should be 160 pips on the upside from the current close. 1.0950-60 may be the target area without an overshoot.
ForexFore - Internals, indicators, algorithmic trading 