Since the end of January 2021, the price has been forming an interesting pattern, confirming the right shoulder with its higher high during the 17th of February.
Considering the strong correction started at beginning of January after a rejection on the level at about 1.23500, I would say that is possible the validity of this pattern as a trend correction reversal.
The price is currently below the at about 1.21500 and it's just got a rejection on the 200.
In the daily time frame the market is still so I will be looking for a long position.
I'm confident to see the price breaking through the at 1.21500 and probably pulling back on the same level.
Eventually the price will break up the , closing with a strong up bar around the level 1.21800, I would consider the long position on my chart.
-The entry point would be the level at about 1.21900, just above the , if the price will create a new high or will close around that level;
-The take profit would be the level at about 1.23450, an interesting that previously rejected the market;
-The stop loss would be around the level 1.21150, just below the and the neckline.
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