The price has broke the ascending trendline and now is moving sideways. We can have a Head & Shoulders pattern if the price will fall below the neckline (0,7734). This scenario can happen if we’ll have positive data from United States, we also have the FOMC Meeting Minutes later today. The ADP Non-Farm indicator is expected to grow to 227k.
You can see how the price has hit the upper median line of the pitchfork (UML) and then has declined, this is a bearish signal but we need another confirmation. If the price will break the neckline and will test this level then we can go short on this pair with a first target at 0.7658, there we have a support area. So, don’t go short on this pair until the price will confirm this pattern, maybe we’ll have high volatility today after the US economic data.


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