The pair is trading within a 2 year 1M Bearish Megaphone pattern that is currently testing its Lower High trend line (hence the neutral RSI = 48.838, ADX = 27.266, Highs/Lows = 0.0000).
What's really interesting is the fact that this pattern is symmetrical to the 2016/2017 rise. Based on that if the price rebounds now above 1.7200, there are high chances to break the pattern aggressively to the upside. In our opinion it is safer to buy when/ if the Golden Cross (MA50 crossing over the MA200) takes place. The target is entirely up to you but 1.8700 can be a good benchmark.
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What's really interesting is the fact that this pattern is symmetrical to the 2016/2017 rise. Based on that if the price rebounds now above 1.7200, there are high chances to break the pattern aggressively to the upside. In our opinion it is safer to buy when/ if the Golden Cross (MA50 crossing over the MA200) takes place. The target is entirely up to you but 1.8700 can be a good benchmark.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial