I can see two possible scenario here:
Scenario 1 (80%): the price will retest the bearish trend line, cause we are in strong bullish momentum (as you can see from the MacD) then fall again through the second bearish trend line, to create a deep low. Keep on eye on the 200 MA line, and take you’re conclusions. :)
Scenario 2 (20%): the price will follow the...
Inverted H&S, the price will possibly go down until 129.90 level, as a 38.2 level of Fibonacci retracement, where I placed the entry point, as one of my rules for the H&S. Stop loss will be place about 50 pip less than the entry, under the support level area. Take profit placed around 200 pip above, as a 1.272 level of Fibonacci’s extension. Then as a resistance...
The price is actually on a strong support level, it probably will go up to 145.865, as a 61.8 level of fibonacci retraicement.
Stop loss is just below the red area of support on 139.227.
