The pair is at a very very interesting spot. As we can see the D chart has formed an inverses H&S right at a resistance area that is about to be broken (or not). RSI confirms the pair is gaining strength.
I want to see the neckline breaking and holding, that's when I will go long. My target will be the 77.5 area which is a very strong area of resistance.
Lets have a look at the 4H chart
I think the inverse H&S becomes very clear in this timeframe, we can also see the amount of times the pair has rallied to the resistance area and has retraced from there. Once broken that same resistance level will become support
I want to see the neckline breaking and holding, that's when I will go long. My target will be the 77.5 area which is a very strong area of resistance.
Lets have a look at the 4H chart
I think the inverse H&S becomes very clear in this timeframe, we can also see the amount of times the pair has rallied to the resistance area and has retraced from there. Once broken that same resistance level will become support
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.