Potential long set up on the cable with a few confluences in place.
Price currently lies in a region which is previous resistance, but now potential support.
Inverse H&S pattern, where breakout has occurred with the retest at current support.
The support level is also in line with a third touch of the trend line.
Price is also sitting around the 38.2% fib, awaiting next leg up, targeting previous high of 1.58103, then -0.27 fib extension.
Awaiting bullish price action on hourly time frame, where counter trendline will need to be broken with appropriate momentum to validate entry.
If however support is broken, the pair could see further downward move.
Price currently lies in a region which is previous resistance, but now potential support.
Inverse H&S pattern, where breakout has occurred with the retest at current support.
The support level is also in line with a third touch of the trend line.
Price is also sitting around the 38.2% fib, awaiting next leg up, targeting previous high of 1.58103, then -0.27 fib extension.
Awaiting bullish price action on hourly time frame, where counter trendline will need to be broken with appropriate momentum to validate entry.
If however support is broken, the pair could see further downward move.