The market condition I have picked is that of an uptrend since the market is characterized by H.Hs and H.L s from the weekly timeframe
to the daily. However the prices have attempted to break the 1.5760 region a couple of times but rejected. this is claerly visible on the daily timeframe
. This rejection in the most recent price action resulted in the formation of the head and shoulders
pattern. This is a potentional selling opportunity upon the neckline break and close.
If the market does manage to break through the mentioned zone then it would be wise to buy the retest.