This is a chart that I typically do not like to trade because the trend/swings are not too clear and clean.
However, we can see that there was a trend up, we hit a resistance and flip zone at the 1.6420 zone before reversing.
It seems we made our first lower high at 1.63, you can even say we have a head and shoulders pattern.
We have broken the neckline, and are now retesting it.
Can enter now with a lower probability of success but a very good risk vs reward. Or, the safe way is to await for the break of 1.6170 to confirm lower lows and then you have a better probability but reduced risk vs reward.
That is because I would target the demand zone at 1.61.
However, we can see that there was a trend up, we hit a resistance and flip zone at the 1.6420 zone before reversing.
It seems we made our first lower high at 1.63, you can even say we have a head and shoulders pattern.
We have broken the neckline, and are now retesting it.
Can enter now with a lower probability of success but a very good risk vs reward. Or, the safe way is to await for the break of 1.6170 to confirm lower lows and then you have a better probability but reduced risk vs reward.
That is because I would target the demand zone at 1.61.
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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.