The inverted H&S Pattern from last week is still in play.
Last week there was a good buy spot on a retest of the neckline which had confluence with the 50% Fib.
To start this week, we see a 4H bullish engulf pattern after a correction lower, The pair remains a buy on dips. This candle can signal a resumption of the uptrend towards 1.3263 targets.
I see this as a correction move and looking to short from .618 retrace. Not sure if enough bullish pressure to go long.
JigneshDavda
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Thanks for sharing your view Vijay. I agree, it does appear to be some sort of larger bear flag pattern. And I was looking at the same 61.8% Fib. However, I find H&S patterns carry a high level of completion. As well, last week's spike to the neckline indicates strong buying which shows traders are watching this pattern. The 76.4% Fib on your chart seems a more likely level for price to turn down again. That price point has shown sellers stepping in previously [left hand side of the chart points marked (A) (B) (C) ] and also allows the H&S to complete.
VijaySanghishetty
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Absolutely agree with you and it is quite possible for price to test .764 retrace..,
Considering Divergence in play.., I would not trust bulls for now.., :)
I see this as a correction move and looking to short from .618 retrace. Not sure if enough bullish pressure to go long.