The counter couldn’t sustain the break above the critical resistance of 1.11703.
It was capped by the resistance and then formed a topping formation - head and shoulder pattern.
Now, it has broken the neckline and hovering just below it.
Hence, we expect the pair to be bearish in the near-term.
It was capped by the resistance and then formed a topping formation - head and shoulder pattern.
Now, it has broken the neckline and hovering just below it.
Hence, we expect the pair to be bearish in the near-term.
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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.