Pair reacted to the 50MA and continue its way lower. Since the 24th of June it made a big move upwards breaking he 0.659 area and that makes me be careful, the pair might gain strength again at the 0.651 area. If so we can trade both the corrective move and then the continuation to the upside.
MACD weakly supports the correction move .
4H chart shows both a H&S pattern and RSI losing strength as shown below.
MACD weakly supports the correction move .
4H chart shows both a H&S pattern and RSI losing strength as shown below.
Comment:
Retracement completed right to the descending trendline and the horizontal resistance area. That big spike caught me unaware and triggered my position. I'm still holding and could be interesting to even add under the neckline (if you have the guts to do so, I dont)
Trade closed manually:
Closed as it looks very bullish at the moment