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Summary
• Price action shows a distinct V-shaped recovery from $1.156 to $1.199 within the first 6 hours of the session.
• High volume confirmed a bullish breakout above 1.18, followed by consolidation.
• RSI suggests overbought conditions in late morning, while Bollinger Bands show reduced volatility.
• A bearish engulfing pattern formed at the 24-hour high, hinting at potential near-term resistance.

The recent consolidation near $1.170 may indicate a pause in the upward move, with a potential test of the 1.191–1.199 resistance zone expected if buyers regain control. Traders should be cautious of a pullback to 1.165–1.167 as a possible support target. Risks include renewed bearish pressure below $1.164, which could invalidate the current bullish setup.
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