Price has rejected the strong psychological support located at 1.30000 level. The inverse head and shoulder pattern might be completed in the coming week on the daily chart, after which the price might likely target the next high located at 1.34100 region.
However a move beyond 1.35000 looks unlikely at this moment, as the pair faces stern resistance at that level. A long trade can be executed shall this pattern be completed. the stop loss should ideally be placed below 1.30000 psychological support with the take profit target be placed at 1.34100. The entry should be done at 1.32000 level to achieve 1:1 risk to reward ratio.
The inverse head and shoulder pattern is said to be completed when the daily candle closes above the neckline!
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However a move beyond 1.35000 looks unlikely at this moment, as the pair faces stern resistance at that level. A long trade can be executed shall this pattern be completed. the stop loss should ideally be placed below 1.30000 psychological support with the take profit target be placed at 1.34100. The entry should be done at 1.32000 level to achieve 1:1 risk to reward ratio.
The inverse head and shoulder pattern is said to be completed when the daily candle closes above the neckline!
Cheers, I hope you find this insight helpful. Please LIKE & FOLLOW for more insights into major currency pairs.
