The daily chart formed a double bottom at 1.2925 and this was confirmed when the neckline around 1.3320 survived two subsequent tests. Now we have the possibility of an inverted H&S forming and it may give a good entry level for bulls. Look for previous support levels around 1.3640 to be tested. If they hold, short term bulls can enter with a relatively tight stop (I’d say below the 100-day MA at 1.3550 just to be sure). Longer term bulls will probably need to put their stops below 1.3300.
