Head and Shoulders pattern on the weekly chart
There is a huge "Head and Shoulders" pattern on the weekly chart.
The pattern is bearish in itself, but less so when some other facts are taken into account.
RSI is oversold on the daily chart and almost on the weekly chart.
It means that downward space is limited.
A downward breakout would result in a false breakout.
In addition, there was a huge volume pullback on Friday.
There is a chance for a short-term upward correction.
If you play the pattern, I would rather wait and see how the exchange rate reacts to the daily Pivot points.
Moreover, overall market sentiment must remain bearish for the pattern to play out.
Support: 319.88, 288.83, 235.95
Resistance: 340.36, 356.4, 400.29
The pattern is bearish in itself, but less so when some other facts are taken into account.
RSI is oversold on the daily chart and almost on the weekly chart.
It means that downward space is limited.
A downward breakout would result in a false breakout.
In addition, there was a huge volume pullback on Friday.
There is a chance for a short-term upward correction.
If you play the pattern, I would rather wait and see how the exchange rate reacts to the daily Pivot points.
Moreover, overall market sentiment must remain bearish for the pattern to play out.
Support: 319.88, 288.83, 235.95
Resistance: 340.36, 356.4, 400.29
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