On daily chart, you can see that test of resistance at the round level of 0.8850 formed head of the formation of H&S. We can observe breaking of the neck line and test the area above. Currently, the price again finds itself in the vicinity of the aforementioned neck line. Price today shows advantage on bulls side. It’s worth looking at the graph on the lower time frame.

On H4 we see a downward trend. We find here a sequence of increasingly lower lows and lower highs, the average EMA (75-, 100- periodical) also are directed downwards. Currently, price is testing a resistance zone in the vicinity of 0,8450-0,8570. This area coincides with trend line, which is respected by the market. The decrease below the above-mentioned areas will probably lead to increased response of bears and impulse finalizing formation of H&S. The nearest resistance is located around level of 0.8350.

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