I am seeing a potential inverse head and shoulders pattern on the 4 hour timeframe for this pair. I will have to wait for the completion of the left shoulder for confirmation. So far the pair has been showing bullish signs and had a recent break of its down-trendline from September 19, 2019. Price has been holding highs within a range around 1.3200. Once we see a significant break out of this range, then it will add confirmation that is needed for the right shoulder. If 1.3400 highs are broken then I will take price up 200 pips to 1.3600. Anything can happen, especially with NFP coming this Friday so I am prepared to get out with a defensive strategy if need be and be prepared to take a short at the break of 1.3100 support.
Commento:
Right Shoulder*
