Formation on daily chart - head and shoulder breakout
- Pair's exhaustion near head and shoulder neckline resistance yesterday and today followed by a day end closing below 0.7633 (38.2% of Aug 2013 high-Nov 2015 low) would open doors for a further drop to 0.7526 (Feb 3 low).
- Oversold RSI on the hourly timeframe could lead to a short-term loss of momentum and sideways action.
- Bearish invalidations is seen only if prices see a day end closing above head and shoulder neckline resistance.
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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.