- H&S formation inside bearish channel - Will wait for retest of neckline before looking for short entry
Possible break of downward channel would intice bulls to take control. Aiming for 1:4 risk to reward ratio on this one
Expecting a re-test of trend line before entry to go long
1.05300 would be an ideal entry. Look out for a bullish rejection candle around this zone
A close above trend line (inside blue rectangle) - Buy A close below trend line (inside red rectangle) - Sell
Strong bullish momentum could push price to 1.3550 area before any sell signal is seen
0.94800 - Would be ideal entry to go long 0.94800 - Would also confirm the average pip movement of 150 pips this pair has been moving 0.94800 - Very strong support
Price broke and is now re-testing major trend line
1.3050 would be ideal entry
Looking out for any reversal signals on the trend lines