Following bearish move this pair has formed descending channel, signaling that bears had ran out of steam, however we may see another bearish leg down to the channel support line.
Currently pair is forming potential head and shoulders pattern. If price pulls back to resistance at 1.51531(right shoulder heights of potential pattern), then look for the sell signal on lower time frame around these levels.
First profit targets go down to psychological support at 1.51000, extended targets down up to another psychological support at 1.50000 which happens to be support of descending channel.
ATR based Stops Above the head(most recent heights).
Currently pair is forming potential head and shoulders pattern. If price pulls back to resistance at 1.51531(right shoulder heights of potential pattern), then look for the sell signal on lower time frame around these levels.
First profit targets go down to psychological support at 1.51000, extended targets down up to another psychological support at 1.50000 which happens to be support of descending channel.
ATR based Stops Above the head(most recent heights).
Trade closed: stop reached
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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.