Price is at major resistance level and showed an indecisive weekly candle last week. Furthermore, a potential H&S pattern is forming and a break of neckline could speed up the decline.
Note
Monthly chart: Price created a 'W' formation which I will be expecting price to complete it by retracing back to the neckline.Note
Daily chart: Price has been forming higher highs but RSI is forming higher lows. This give us bearish divergence which lines up with our bearish bias on this pair.Note
And 2000 pips later... It would be wise to take some profits off current level as price has completed equal measurement of H&S pattern formation. I do expect more downside in the long term, however we could see some bounce at this area for now.
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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.