Here is another Bearish outlook for this pair. Just like the first one, where we are currently doesn't really shed light on where this pair is going next. Here we have a H&S pattern that simply confirms a bearish outlook.
The H&S Pattern above has already completely formed and the price action from the beginning of 2017 up until now may all be considered as the retest of the neckline which is the final requirement for a valid H&S pattern. This formation also suggests that the pair may continue downwards sooner rather than later. It suggests that price may not end up hitting the upper trend line of the downward channel, however the fact that price has already moved and closed above the middle line of the pitchfork may be an indication that the H&S pattern is actually invalid. A break below the current price range, i.e. 1.1646 to 1.1952, will provide a trade opportunity to SELL with the first target anywhere within the 1.040 to 1.065 price range and the second target right at the bottom of the chart at 0.8236. Ambitious, I know, but the market does what it wants and it may just want what we see here...
critic, refute, agree!
Mentors not Trolls!
The H&S Pattern above has already completely formed and the price action from the beginning of 2017 up until now may all be considered as the retest of the neckline which is the final requirement for a valid H&S pattern. This formation also suggests that the pair may continue downwards sooner rather than later. It suggests that price may not end up hitting the upper trend line of the downward channel, however the fact that price has already moved and closed above the middle line of the pitchfork may be an indication that the H&S pattern is actually invalid. A break below the current price range, i.e. 1.1646 to 1.1952, will provide a trade opportunity to SELL with the first target anywhere within the 1.040 to 1.065 price range and the second target right at the bottom of the chart at 0.8236. Ambitious, I know, but the market does what it wants and it may just want what we see here...
critic, refute, agree!
Mentors not Trolls!