On the 4h chart the pair has currently made the initial aggressive bullish against the prevailing trend.
A reversal is imminent as the pair has two points in which the head and shoulders pattern can form the last shoulder.
The first pullback is @PH(previous high) or alternatively at the R1 resistance line.
Although the bullish trend is against the prevailing trend, the pair is oversold and the gap between the ema,50 and ema,200 is extended, therefore temporary converge of the moving averages is expected.
NB: Apply risk management to all trades.
A reversal is imminent as the pair has two points in which the head and shoulders pattern can form the last shoulder.
The first pullback is @PH(previous high) or alternatively at the R1 resistance line.
Although the bullish trend is against the prevailing trend, the pair is oversold and the gap between the ema,50 and ema,200 is extended, therefore temporary converge of the moving averages is expected.
NB: Apply risk management to all trades.