This pair has formed a nice head and shoulder pattern on the hourly chart. A break and re test of the neckline would initiate a short position for us. Simple pattern which can lead to a great R:R trade. The right shoulders rejection at the 61.8 fib retracement gives us our bearish mentality along with other additional factors.
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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.