I’m not a big fan of reversal formations on short term charts but it is something that the market looks for so somebody might find a trading opportunity out of it. We now have two hourly lows at 1.0475 and a confirmed neckline at 1.0535.

  • A break below support obviously confirms the short-term downtrend amnd reinforces the sell-rally strategy.
  • A break above resistance allows one the opportunity to buy the break with a tight trailing stop, just in case the double-bottom formation is confirmed.

(Apologies, but I’m having some issues posting charts in the correct format, yet another ‘improvement’ from our recent upgrade)