In my opinion we will have here good Head and Shoulders pattern.
Now price is on bearish move and it's going to retest neck line between 1.2065 - 1.1940.
There is more reason to go short from this level.
For example 0.5 - 0.618 fibonacci retracement.
We can not forget that we are in big down trend since July 2008 which is another reason to go short.
For me only if price will break 1.24 - 1.22 area we will can look for long oportunity in long term.
R/r = 1:2.84
Enter: 1.198
SL: 1.225
TP: 1.12
Now price is on bearish move and it's going to retest neck line between 1.2065 - 1.1940.
There is more reason to go short from this level.
For example 0.5 - 0.618 fibonacci retracement.
We can not forget that we are in big down trend since July 2008 which is another reason to go short.
For me only if price will break 1.24 - 1.22 area we will can look for long oportunity in long term.
R/r = 1:2.84
Enter: 1.198
SL: 1.225
TP: 1.12