Based on the weekly chart's price action we can see a possible inverse head and shoulders forming. Price made a push down to 1.69500 and rejected reaching the last high, forming the left shoulder. From the last high price then broke below the support level 1.69500 and broke back above retesting 1.7600 area to create the head. Currently price is rejecting the support at 1.69500 again so it is possible to capitalize on the move to the upside with a nice target with minimal risk. It is best to scale down to a lower time frame to search for a valid entry.
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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.