The price has retraced back towards the long term rising channel support, which was broken earlier, and turned to a resistance now.
The recent shorter term pullback is taking the shape of an inverted head and shoulders bottom formation. Interestingly, the neckline of the formation coincided with the main broken channel in addition to the 50-days simple moving average and the falling trend line for the overall bearish wave started from 1.3855 high.
Shorting looks appealing to me at this area, with a stop and reverse order above this area.
The recent shorter term pullback is taking the shape of an inverted head and shoulders bottom formation. Interestingly, the neckline of the formation coincided with the main broken channel in addition to the 50-days simple moving average and the falling trend line for the overall bearish wave started from 1.3855 high.
Shorting looks appealing to me at this area, with a stop and reverse order above this area.