After a not so long 2.5 - 3 month uptrend, the currency has POSSIBLY formed what can be called a complex Head and Shoulders formation. I could not get the vol. on the graph in order to back up my idea here.
I have outlined the targets in the case of the neckline breakout. The first one is based on a weekly candlesticks analysis where we can see a pipe top [backing up the possible short term downtrend; and the second one is based on the H & S formation. As it is a complex formation, there is a possibility of a second right shoulder, however in the case of the price exceeding the head top, the formation this formation will be misleading. In the most likely case after a NL breakout, a pullback can occur. I would put stop losses accordingly.,
Feel free to ask any questions and give suggestions to this analysis.
I have outlined the targets in the case of the neckline breakout. The first one is based on a weekly candlesticks analysis where we can see a pipe top [backing up the possible short term downtrend; and the second one is based on the H & S formation. As it is a complex formation, there is a possibility of a second right shoulder, however in the case of the price exceeding the head top, the formation this formation will be misleading. In the most likely case after a NL breakout, a pullback can occur. I would put stop losses accordingly.,
Feel free to ask any questions and give suggestions to this analysis.