Although the rate made a downside break out of the symmetrical triangle formation the lack of followthrough and the stall at the monthly support makes me think we may be seeing a right shoulder of a larger inverse head and shoulders pattern in the making.
I may even enter a reduced position on a strong break above 1.4125 to play the range, however, for a larger position and indication the rate may be entering longer term bull market, we need to see a break above the neckline and the falling gap resistance at 1.4470.
I may even enter a reduced position on a strong break above 1.4125 to play the range, however, for a larger position and indication the rate may be entering longer term bull market, we need to see a break above the neckline and the falling gap resistance at 1.4470.
