Previous month candle closed positive. Price has tried to close below the 1.15000 level the previous 3 weeks in a row and has been unsuccessful every time. The day candle by the close of Friday has engulfed the previous day. Looking for a pullback to the 1.14725 area before entering long.
The monthly time frame is also a in a channel heading south. Rather difficult to estimate probabilities on 4H based on monthly?
Daily time frame reveals a head & shoulders with weak right shoulder, and a momentum switch for the south.
I'm not saying it can't go north on the 4H. I don't know the future.
EightfoldPath
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@Captain_Walker, Nice call! The trade had a nice risk to reward but evidently was not able to hold the 1.15000 level. Thanks for commenting. Keep up the great work
Daily time frame reveals a head & shoulders with weak right shoulder, and a momentum switch for the south.
I'm not saying it can't go north on the 4H. I don't know the future.