Price is in a Weekly Uptrend.
Price attempted to reverse with head & shoulders but failed instead making new higher low at (1.54797).
Price is making rising higher lows and higher highs as it approaches head & shoulders neckline.
Key Support & Resistance level that is tested multiple times at (1.56981 - 1.56659) the more a level is tested 80% chance it breaks.
Rising trendline in H4.that price has respected.
If price breaks and closes above 1.57608 the B.O is confirmed.
For more conservative entry wait for the retest to confirm the BO and enter the trade
Price attempted to reverse with head & shoulders but failed instead making new higher low at (1.54797).
Price is making rising higher lows and higher highs as it approaches head & shoulders neckline.
Key Support & Resistance level that is tested multiple times at (1.56981 - 1.56659) the more a level is tested 80% chance it breaks.
Rising trendline in H4.that price has respected.
If price breaks and closes above 1.57608 the B.O is confirmed.
For more conservative entry wait for the retest to confirm the BO and enter the trade
Trade closed: stop reached
Setup is invalidated when price closed below our rising trendline signaling trend change.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.