Price has been on a bearish rally for the entire month of January. The 8th of Jan, we saw price experience its first retracement since the channel breakout and beginning of the decline in price. The first retracement completed the first lower high and second shoulder of the Head & Shoulder formation.
Price respected the rules of the Head & Shoulder formation and continued the decline even beyond the neckline without a single retracement.
Price is currently resting at the 0.66847 support zone, a bounce off the support zone is expected to complete a new lower high.
We'll wait for confirming candlestick formations or a possible consolidation above the support zone.
Price respected the rules of the Head & Shoulder formation and continued the decline even beyond the neckline without a single retracement.
Price is currently resting at the 0.66847 support zone, a bounce off the support zone is expected to complete a new lower high.
We'll wait for confirming candlestick formations or a possible consolidation above the support zone.
Trade active
Market opened with a decent consolidation on the lower 15 min timeframe. I have placed a long order on this currency pair.
Trade closed: target reached
Closing trade in profit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.