Hourly chart pattern – Rising trend line breached, triangle formation
Note - There is also a head and shoulder developing on daily chart
- Having failed to sustain above triangle resistance/falling trend line the cross has confirmed a break below rising trend line support on hourly, which indicates the pair may be heading lower to triangle support now seen at 0.7867 levels.
- Hourly 200-MA is acting as a support as of now, hence sellers needs to observe caution.
- Weakness is likely to gather pace once prices drop below hourly 200-MA.
- On the higher side, only a break above 0.7920 would shift risk in favor of a rise to 0.7947. A day end closing above 0.7947 is required to signal continuation of the rally from April low.
Note - There is also a head and shoulder developing on daily chart
