POTENTIALLY A VERY NICE SHORT. HEAD AND SHOULDERS SET UP ON THE HIGHER TIME FRAME. USING THIS PATTERN TO DETERMINE A SHORT BACK INTO THE HIGHER TIME FRAME STRUCTURE. CURRENTLY SITTING AT A KEY LEVEL AND SIGNS OF REVERSAL ON LTF'S ARE THERE TOO. S/L AT RED LINE MARKED.
Price seems to have reached a bottom but overall we are still in a downtrend and i do believe we have more downside coming for this pair. Nice head and shoulder formation forming on the 4H chart. We can see price break back into the daily down trend and continue down to 0.6500 before looking for long set ups.
A lot of potential for long positions at the current region. After a big push up from the ecb news last week, price rejected the daily trend line but not enough to suggest a break out of the cards. Price is now rejected our support region highlighted. Waiting to see if we see more rejections to confirm a long trade!