Neat downtrend.
Inverted H&S (please if you disagree let me know).
RSI and CVI (Cumulative Volume Index) both high at Head's peak and low on right shoulders:
Note: Since there is no volume, I looked at the CVI, but I don't know anything about it....:(
The target (1.077) converges with the top of the downtrend (resistance).
We got out of a descending triangle in an uptrend. This is a continuation pattern.
A breakout occurred in the north side of the triangle.
Now, we have a small and a larger double top with bearish divergences, which is a good sign of downtrend at least in the short term. We are atm in an resistance area (old resistance).. The price could revert in two areas:...
I see a symmetrical triangle on which reversed the direction of the the price downwards. The breakout of this pattern took place at 1.214.
What can stop the fall?
We had some support (now broken) at 1.14 and 1.07.
Now there is some resistance dating from August 1997 at 1.03 which correspond the support level of the downwards channel, support which will be hit...
I found this cypher pattern. At D level, there is support even back to last year.
I would normally have put my entry just above D in order to make sure to enter, but that didn't give me a 1:1 ratio on my first target. I decided to move it down a bit.
I also put the SL below structure support.
First target R/R: 1.58
Second target: R/R: 2.48
Trend:
Long term (W): Ranging
Long-mid-term term (D): Ranging or uptrend (It looks like the downtrend is over.
mid-term (4H): Downtrend
The price is nearing the support at 1.5198, so this is a good place for reversal.
There is a bullish cypher pattern Feb 4th which completes today.
I put 2 limit orders just above the support I mentioned, instead of...
