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A bearish Head and Shoulders has formed.
A break of the neckline is required to confirm the formation.
The measured move target is 1.6300.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at...
After completing the Elliot Waves, the pair shifted in momentum and is currently in a downtrend.
We can see an inverse H&S getting formed and we can capitalize in the formation of the right shoulder as shown in the chart.
As you can see we have upward trend with a series of higher highs and high lower being squeezed and forming a wedge.
Then price makes a lower low at 0.94990. This is a change in market structure, so we can assume price is now in a downward trend.
Price has then pulled back to a resistance area around 0.9025 to create a lower high giving more confirmation to a...