There are a few confluences that make the situation interesting with this pair.
Confluences: 1. Price is over extended when price is over extended we can expect a retracement 2.We have the shoulder, head and_____ we can expect the completion of the head and shoulders. With the movement that we expecting the patter will be complete. 3. M formation We can expect the retracement to the neckline for the completion of the pattern 4.The .618 fibanacci retracement is in confluence with structure specifically with the neckline
With all the confluences that we have in our favor we can expect the price to make the retracement to the .618 Fibonacci level.
THIS IS ONLY A ANALYSIS FOR DIRECTION OF THE PRICE ONLY. FOR ENTRIES USE YOUR OWN RULES IN LOWER TIME FRAMES.
THANK YOU FOR YOUR SUPPORT.
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Price is currently in a accumulation phase. We can definitely can expect the price soon to start making the movement to the upside.