Head and shoulders pattern with a low right shoulder, price is respecting the trend of the shoulder. I would not be surprised for a few days of up action, but unless there is a break of the shoulder trend, I will be taking short trades (very careful ones though). Note the break of previous structure and strong bearish candlesticks.
Comment:
Upon viewing the hourly, I wouldn't be surprised to see a little upwards action short term. If price breaks and stays above 1.44269 I will be trading long with a target of 1.45 and look for a short entry after.
Comment:
Coming up on a pretty key resistance level, if I were long, I would place a tight stop to the channel we are in on the hourly.
