Structure: Downward (Lower Low after breakdown of 0.9815) Moving Average: Broke 15 EMA Support, possible test 200 SMA Trendline: Uptrend Line Broken Pattern: Head and Shoulder at 0.9844 area Trigger: Strong bearish candle breaks neckline support Resistance: 0.9845 to 0.9850 Support: 0.9765, 0.9630
Bull power ran out of steam as the bearish candle formed and Double Top + Head & Shoulder at 0.9840. Larger retracement or trend changing is expected. Wait for 1H candle to retest neckline support 0.9825 and form rejection to short Entry area: 0.9820 to 0.9825 SL: 0.9860 1st Target: 0.9765 2nd Target: 0.9630
Also it's near 50% Fibo retracement area + 200 SMA resistance in Daily TF