Looking for a continuation in trend, maybe to 1,14, but first retesting a minor zone at 1,153, where also coincides to 61,8% of fibo. The pair is also on a downtrend.
Waiting for a pullback and a retest of H&S neckline. Also waiting the price to move on 50 to 61,8% of fibo before a potential Short.
The price, probably formed its yearly high for 2021, and now is most probably formating a H&S on the 1D & 4H frame. Using some lower tf's (1-2-3H), we can see the formation of a flag pattern, in the area of the right shoulder. Also the price is on a resistance zone on 1,616, with many wicks, indicating that the specific pair, maybe cannot move higher from this...
On a wider tf, the price follows an uptrend. Going on lower tfs, there is a clear supp/res zone at 1,592. Also the price in lower tfs, moving on a channel, as a bullish flag. On Friday, there was a penetration of this flag, and at this time, price retesting a supp/res zone at 1,598. Also, using fibo retracement, the price moving btwn 0,618 & 0,786 lvls for a short...