The pair turned bearish on 1D (MACD = -0.006, Highs/Lows = -0.0124), oversold even on RSI = 29.795, as the 1.2960/80 Support broke. On a 1W basis this is the bearish leg of the second Low within an Inverse Head and Shoulders pattern (RSI = 45.117, MACD = 0.0000, Highs/Lows = -0.0069), which keeps the long term outlook fairly neutral. This means that a rebound towards the 1.32970 - 1.33800 1W Resistance Zone is currently the strongest option. We are long now towards that zone. The pattern is fairly symmetrical, which suggests that the new low will have been price in by next week.
Very nice idea. I have something similar in my mind as well.
InvestingScope
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@tradingwithavdm1, Yes quite similar. Well presented.
AidanMDang
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Very interesting idea.
InvestingScope
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@AidanMDang, Thank you. The pattern seems to follow fairly stable symmetrical lines which leads us to believe that the trading psychology behind it will continue to be identical. Technically the next bullish leg can even break the pattern upwards.