Price has broken out of the smaller rising wedge and the target should be the start of the formation of the wedge which is around 1.1995 - 1.2. After that I expect price correction to about 1.2155 before continuing the downtrend to about 1.1715 to complete the formation of the head and shoulder pattern. At this point, based on the market conditions, there is a potential for a double top formation which targets the 1.11 level. At this point, a correction to the 1.137 - 1.1495 resistance zone could see further price drop to the 1.06 + - 1.07+ support zone. This support zone also coincides with the broken monthly trend line resistance (which could turn support) and start a major uptrend to 1.4 level.
Disclaimer: This is not a financial advise. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.
Disclaimer: This is not a financial advise. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.