- A nice pattern has emerged on this pair.
- The distance between peak of inverted head and right shoulder is around 310 points, therefore from the breakout of the neckline early this morning, we can expect the price to push a similar distance to the upside.
- This movement would also bring the price to the previous resistance of 135.268.
- on the 4 hour time frame stands at 69.53, so, in the short term, we could also see a retracement to, and retest of the neckline before continuing an upward trend.
I hope this is an helpful analysis; please share your thoughts and opinions!