has broken the 1D Rectangle
= 61.651) but remains within the neckline of the Inverted Head and Shoulders
on 1W. The 1W Resistance is at 1.1850 and since the long term trend remains bearish
, the price should now reverse back inside the 1.1510 - 1.1730 Rectangle
. So far, the price has been rejected twice near the 1.1730 mark, which if left intact on the next 4H candle too, will be considered a support and reverse to 1.1800. Now the 4H Channel Up ( RSI
= 64.227, Highs/Lows = 0.0007) needs to cross 1.1682 to nullify the pattern. We remain short with TP = 1.1450 buy have opened an additional short that will be booked at 1.1570.