From the above chart we can see what seems to be a Head&Shoulder pattern with a double Tops Head. This seems to be a very strong reversal formation and also considering the fact that the only time the 0.9200 Support (round number) was briefly broken was far back in 15th January 2015.
After Price recently traded under 0.9200 (acting as resistance) for 8 weeks, there was a strong breakout at that level on the 9th week which at the same time serves as the Neckline for the Head&Shoulder formation.
I'm expecting to see a retest back to 0.9210 region( which is where I'm thinking of going Long) to get some liquidity for the next move up. Do note that if there is a very strong demand for this pair we might not be seeing a retest in the short term.
Using the R/R ratio on the chart I might be having a nice 1:3RR, which is not that bad.
Caveat: Do note that Technical Analysis is a pure Art, and not Science where one could be correct to the smallest unit if calculated right. In Technical Analysis, group that has same interpretation of the price action with the highest liquidity wins.
My Technical Analysis are only but for educational purposes, do not bet huge on them except what you can afford to loose. I'm not a professional chartist.
After Price recently traded under 0.9200 (acting as resistance) for 8 weeks, there was a strong breakout at that level on the 9th week which at the same time serves as the Neckline for the Head&Shoulder formation.
I'm expecting to see a retest back to 0.9210 region( which is where I'm thinking of going Long) to get some liquidity for the next move up. Do note that if there is a very strong demand for this pair we might not be seeing a retest in the short term.
Using the R/R ratio on the chart I might be having a nice 1:3RR, which is not that bad.
Caveat: Do note that Technical Analysis is a pure Art, and not Science where one could be correct to the smallest unit if calculated right. In Technical Analysis, group that has same interpretation of the price action with the highest liquidity wins.
My Technical Analysis are only but for educational purposes, do not bet huge on them except what you can afford to loose. I'm not a professional chartist.
