As we close with a bounce off the ascending support zone we see a head and shoulders pattern. Couple this with the rejection off of the top of our bear channel and the looming threat of an interest rate cut, it seems short opportunities will continue to present itself.
We have room to run until the bottom of the channel with questionable consolidation around 1.11230 area.
Entry would be at the break below 1.1200 area with a SL right above our EMA lines around 1.1260 area.
Comment
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Pattern invalid, but still waiting for the drop.
Trade active
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Entry around 1.1200 for a short down to the bottom of the channel. Stop adjusted along the way.