EU Analysis
Daily: After a steep correction rally, the pair has found resistance at 1.725 region as it printed a shooting star formation followed by bearish engulfing signal that pushed it towards support 1.155. The pair has formed a new Lower High as it rejected 1.165 with a shooting star followed by a bearish marubozu that closed extremely bearish just above 1.155 region. A clear break below 1.155 would expose the pair to downside 1.1425 & 1.13. Alternatively, if the pair manage to close back above 1.155 region, the pair would be considered as stuck within the range of 1.155 - 1.1725 and would be expected to continue to bounce within the range.
4H: On the 4 hour chart we can clearly see the formation of a H&S with the pair sitting right on the neckline 1.155. A clear break and retest of 1.155 would confirm the H&S pattern and expose the pair to downside target at 1.1425 & 1.1375 (Measured Objective). Alternatively, a failed break below 1.155 would invalidate the H&S pattern and indicate that the pair is stuck within the daily range of 1.155 - 1.1725.
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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.