Looking to enter short. Reasoning:
1. Perfect three drive pattern on the chart with target around 0.8900
2. Daily close is near the top line of upwards moving channel, looking at the channel I would expect to see correction back to 0.8960
3. Multiple RSI divergences. Price is making new highs, whilst RSI doesn't confirm that.
4. Head and shoulders formation on...
Price broke downside of the upwards channel.
Head and shoulder formation beautifully sits on the fib extension levels. As per H&S measured move I expect to reach price off 126.33
Entry would be at the test of H&S the neck line and stop would be 15pip above right shoulder. Therefore:
Stop loss: 131.20
Take Profit: 126.33
Price is moving in bearish channel formation. Significant supply zone at 1.3200 level and it's close enough to top line of the channel.
Would be scaling in from 1.3160 to 1.3200 with stop loss at 1.3250 and profit targets 1.2850