CADCHF may be aiming long after huntingA yearly support zone dating back to 2022 was touched by CADCHF. The price bounced off that zone.
But there is a lack of liquidity, making it difficult to trade long.
The price is likely to retest the resistance level at 0.6800 and make a bauble bottom pattern,
But this time, there might be a liquidity hunt for orders below 0.6800. You should wait until the hunt is over (and it will be) and then consider buying at 0.70.
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Risistance
EUR/GBP, possible Head and Shoulders PatternGood afternoon everyone,
On the weekly and daily charts I've found a potential head and shoulders pattern. The head of the pattern was on the same level as weekly/ monthly resistance level, so is the neck of the pattern. When the neckline breaks this is will be an indication that a potential drop is on the way.
Also the Stoch indicator tells me that the currency was overbought recently and is showing weakness.
Tell me what you guys think.
Cheers,
Khaine