Here we see the potential development of a right shoulder of an inverse head and shoulders pattern on EURUSD. If we look down closer at the 1 hr chart, we'll notice that price is approaching level 1.1000 very correctively in the form of a descending channel which is known to be a reversal pattern. There may be buying momentum at this level.
Trade active
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This position is currently running 13 pips in profit after a third touch completion of the 1 hr channel reversal pattern.