Similar to my previous analysis on EURUSD
which has nearly reached its profit target, this analysis too is based on multiple time frames. On the weekly chart there is a rejection off a strong yearly price area, and on the daily a hammer
candle seems to be forming. On the 4 hour time frame there is a clear H&S
pattern. The reason why the potential profit is very large compared to the risk, is because usually H&S
patterns go the distance of the head of the pattern. If one was to enter this trade, I would recommend only entering after a retest and rejection of the H&S
pattern to definitely confirm this is a valid H&S
pattern. I have also shown how I think this trade could look.
*NOT FINANCIAL ADVISE, MERELY AN OPINION*