TECHNICAL:
1:
- Head and shoulders reversal pattern forming
- First shoulder formed on 21/06/2018
- "Head of pattern" formed after pin bar rejection candlestick last Friday
- Second shoulder of pattern forming as a retracement of the rejection candlestick on Friday
2:
- RSI showing extreme bearish divergence
- Since 14/06/2018 - 25/06/2018 price has been in a distinct uptrend forming higher highs and higher lows
- However RSI has been printed these as lower lows and lower highs
- Bearish indication
3:
- The Psychological level 1.33000 is acting as resistance within the Head and shoulder pattern
-Price has failed to break this level multiple times now, as well as the massive pin-bar rejection candle seen on Friday, confirms my bearish view
-Appreciate any thoughts, comments. Thanks for reading.
James .
1:
- Head and shoulders reversal pattern forming
- First shoulder formed on 21/06/2018
- "Head of pattern" formed after pin bar rejection candlestick last Friday
- Second shoulder of pattern forming as a retracement of the rejection candlestick on Friday
2:
- RSI showing extreme bearish divergence
- Since 14/06/2018 - 25/06/2018 price has been in a distinct uptrend forming higher highs and higher lows
- However RSI has been printed these as lower lows and lower highs
- Bearish indication
3:
- The Psychological level 1.33000 is acting as resistance within the Head and shoulder pattern
-Price has failed to break this level multiple times now, as well as the massive pin-bar rejection candle seen on Friday, confirms my bearish view
-Appreciate any thoughts, comments. Thanks for reading.
James .
註釋
- Price has held below 1.33 for the daily close. - As well as this price gapped down on the hourly chart, 4 pips
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