An inverse head and shoulder pattern in the 4-hour chart signals a trend reversal in the counter.
However, the pair has not crossed its neckline as of yet.
Hence, we advise traders to go long on the pair only after the breakout of neckline.
From the trendline, the pair made a strong impact move and then formed a corrective structure.
With the completion of ABC waves, the pair is poised to kickstart its next bearish rally.
Hence, we expect the pair to move to the support levels at 1.50379 and 1.49305.
While the price is above the support 1.4750, beginning of uptrend is expected.
We make sure when the resistance at 1.5115 breaks.
If the support at 1.4750 is broken, the short-term forecast -beginning of uptrend- will be invalid.
The RSI bounced from the resistance #1 at 48 and it prevented price from more gains.
A peak is...
#3 Entered at the low of the doji formed under the green slanting resistance. Holding currently
What an opportunity. :)
Confluence 1: Broke the head and shoulder.
confluence 2: Out of the triangle.