The pair has tried to break above key resistance 1.79 for 3 consecutive weeks buy failed to do so. It has formed a double Pinbar + Inside Bar formation. The EMA has also squeeze together signifying strong consolidation that is followed by a strong explosive move. The pair would continue downward to 1.76 to test the neckline of the H&S before continues its descent. If the neckline held, the pair would bounce back towards 1.79 for another retest.
Bias:
Long-term : Short
Short-term: Short
Bias:
Long-term : Short
Short-term: Short
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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.