Of course, a lot people would see that the chart is forming a inverted H&S but that also mean the big player too soo be careful of price manipulation. Especially tonight.
Technical:
Long - 0.769 need to hold to form H&S if it does next target is 0.781 if broken then 0.801 if it still can't hold then 0.816 which is multi year high.
Short - if 0.769 can't hold...
As far as I concern, the price just hunted the previous low and rejecting it right now and it has form a falling wedge as well. The price also found confluence of support of fibo as well as the retail support area.
further more, in America, the stimulus package is about to be pushed out which will make USD even weaker. everything line up so far.
good luck...
As far as I concern, it will probably dump down and grab all the stop-loss, retest previous resistant turned support, touch the order block and then bounce up after they have enough liquidity.
plus it seems the trendline from May 20 and Nov 20 seems to be holding, if bounce again then it will validate the trendline.
put all together, there is a huge confluence...
tested resistant multiple time, formed a (what looked like) an inverted H&S but can't hold above ~103.6 area and now forming a bearish pennant. it just about to reach the tip so probably gonna sink just before new year.
But now I think about it, there are multiple days the market will be closed, so might be after new year...?
At the moment the gap need to be filled and it seems that if the resistant hold as well as the support at the gap level hold then we might get an inverted head and shoulders and head higher in the coming weeks and months.
if not then likely to sink down further to test 1.315-1.31
Good luck trading
