not a certain buy, but it might require further correction before continuing to drop. If resistance is broken, buy at your own risk.
Possible ABCD forming. The drop could represent the completion the right shoulder in a H&S pattern. What is your take on it?
If you agree with this, check Tom Hall, he seems to have found a H&S pattern on the daily frame. The right shoulder has been measured, so if it does not break before the period of time the right triangle covers, momentum is being lost and the probability for the pattern to be valid will drop.
For anyone who has a deeper analysis on trend, here is an extra fundamental variable.
Possible short. Very low R:R ratio, be cautious.
ABCD pattern forming nicely along with Fibb retracements.
It can still go higher (watch the highlighted area, it represents the area where the pattern is still valid, any price above breaks pattern) Prep for sell.
High chances for a long especially due to the weekly fundamental reports coming in for the USD. This is my take on the matter.
we broke the last triangle, chances are we will go up again, as long as new support is not broken. eyes on the trend, treat the red EMA as an AREA of support.
Recommending only to sell if it breaks and closes below the green horizontal line. Even then, we have two possible scenarios. Trade safely and share any insight you think is worthwhile.
If candle closes below the red EMA, we should also break the downtrend. Eyes on RSI with EMA too, the cross between them at the 60 value can give significant insight.
Last week, we broke resistance and reached a new high. There is chance of a pullback until at the very least, the new support line. It could also continue up. Watch for break from the correction.