- H&S formation inside bearish channel - Will wait for retest of neckline before looking for short entry
A close above trend line (inside blue rectangle) - Buy A close below trend line (inside red rectangle) - Sell
Possible break of downward channel would intice bulls to take control. Aiming for 1:4 risk to reward ratio on this one
Expecting a re-test of trend line before entry to go long
1.05300 would be an ideal entry. Look out for a bullish rejection candle around this zone
Price broke and is now re-testing major trend line
Strong bullish momentum could push price to 1.3550 area before any sell signal is seen
0.94800 - Would be ideal entry to go long 0.94800 - Would also confirm the average pip movement of 150 pips this pair has been moving 0.94800 - Very strong support
Price could make one more Lower Low before shooting back up from 1.5700 psychological handle
1.3050 would be ideal entry
Looking out for any reversal signals on the trend lines