On the hourly, it's looking like it's possibly making it's last chase into a SELL to hit the neckline to gain momentum for the breakthrough to create an uptrend.
Indicators showing SELL
WATCH OUT! It is definitely possible it could make one last small BUY/LONG move to touch one of the smaller PA lines above it around 1.20030 or 1.20300, before it makes it's move downward. That would be a messier head and shoulders but we've seen it in the past.
You'll want to watch to see if it breaks the neckline or bounces back.
It has already tested and retested 1.19900.
However remember that PA lines and boundaries, Support/Resistance can be retested multiple times.
I'm going to leave this idea as Neutral but many things are pointing to a SHORT position.
This is my first published idea, be gentle...
NOTE: On smaller timeframes some show shorter term buy or consolidation along the PA (Price Action Zone) remember this is short term and could be another retest attempt.
Indicators showing SELL
WATCH OUT! It is definitely possible it could make one last small BUY/LONG move to touch one of the smaller PA lines above it around 1.20030 or 1.20300, before it makes it's move downward. That would be a messier head and shoulders but we've seen it in the past.
You'll want to watch to see if it breaks the neckline or bounces back.
It has already tested and retested 1.19900.
However remember that PA lines and boundaries, Support/Resistance can be retested multiple times.
I'm going to leave this idea as Neutral but many things are pointing to a SHORT position.
This is my first published idea, be gentle...
NOTE: On smaller timeframes some show shorter term buy or consolidation along the PA (Price Action Zone) remember this is short term and could be another retest attempt.