Price is trading inside the large bullish candle and as long as it
does that, chances are that we will see more consolidation below
the Cloud. The projected Cloud is still trending lower and adding
pressure and on a daily basis it has broken below the S2 pivot
which is quite bearish. If price manages to break below the large
green candle and the low/pivot cluster at 1.50, price may fall
sharply, due to the Head and Shoulders pattern that will be triggered,
though it is not very appealing, since the shoulders are low and
uneven. But the neckline is rather defined, along with the
pivot confluence. Bulls would like to see price shoot up and enter the
Cloud and close above 2.25, to rid the threatening breakdown of 1.50,
and start shifting the trend. Meanwhile, the large body candle is
defining a range that may hold sideways action.
Another reason the H&S pattern may be a look a like, is due to
the fact that the target of it is the distance between the head and
the neckline and that would be at 0.2. Such a target is not very
realistic, and it would mean the death to the currency. The support
below the pivot cluster is 1.12, which would be a more realistic
destination for a breakdown of 1.50 level.
If you want to support this channel check out the
profile page at the top for details. Thanks.
does that, chances are that we will see more consolidation below
the Cloud. The projected Cloud is still trending lower and adding
pressure and on a daily basis it has broken below the S2 pivot
which is quite bearish. If price manages to break below the large
green candle and the low/pivot cluster at 1.50, price may fall
sharply, due to the Head and Shoulders pattern that will be triggered,
though it is not very appealing, since the shoulders are low and
uneven. But the neckline is rather defined, along with the
pivot confluence. Bulls would like to see price shoot up and enter the
Cloud and close above 2.25, to rid the threatening breakdown of 1.50,
and start shifting the trend. Meanwhile, the large body candle is
defining a range that may hold sideways action.
Another reason the H&S pattern may be a look a like, is due to
the fact that the target of it is the distance between the head and
the neckline and that would be at 0.2. Such a target is not very
realistic, and it would mean the death to the currency. The support
below the pivot cluster is 1.12, which would be a more realistic
destination for a breakdown of 1.50 level.
If you want to support this channel check out the
profile page at the top for details. Thanks.