The counter has formed a lower-low lower high formation, which signals the commencement of bearish trend.
Also, the formation equates to a descending channel formation, in which it is on its way to supportive trendline.
Further, the formation can be construed as a head and shoulder pattern and it is capped by resistance at 1.62434.
Hence, we expect the pair to move down from here.
Also, the formation equates to a descending channel formation, in which it is on its way to supportive trendline.
Further, the formation can be construed as a head and shoulder pattern and it is capped by resistance at 1.62434.
Hence, we expect the pair to move down from here.
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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.