H1 Outlook for Coming Week
I just finished preparing this outlook. It reflects 2 scenarios:
I just finished preparing this outlook. It reflects 2 scenarios:
- If price stays inside pitchfork channel we might have bearish continuation for a while that would try to retest upper half bottom line of channel at 1.1608 (pitchfork channel midline). But if price drops further down, the right shoulder of daily H&S might put in jeopardy, especially if bears push even more and create a new low below 1.1550. That being said, as long as it stays above 1.1555, the Daily H&S pattern would still be valid.
- If price goes lower from current levels and builds the right shoulder of Daily H&S and breaks above 1.1676 afterwards, then I would see 1.1796 as ultimate target for this H&S pattern.
- If price breaks above 1.1676 without creating the right shoulder, it probably would not be able to go further than the 3 daily resistance zones sitting at: 1.1711, 1.1722 and 1.1735.
My half cents.. hope it helps in making the right decisions for coming week..
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