Price has been on an uptrend since September 2022 when the bears tagged 1.0380. However, the market has been consolidating at the current levels as the bulls appear to be losing momentum. On the faster timeframes (H4), a classic head and shoulder pattern has been formed. Price was rejected at the 1.2520 level yesterday after the release of the better than expected revised NFP figures. The dominant trend ( downtrend) appears to have resumed.
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A little pullbacks to the upside but nothing very scary. Market is making a series of lower lows and lower highs.
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Looks like that was a fakeout!. This idea may still be valid Afterall !
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Price is finally back below the resistance !
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Finally, there is hope as price is back below the resistance !