Our expectations: D1 Medium-term downward movement and correction to levels of resistance.
Comment: The pair is preparing for a new bearish momentum after reaching a strong level: 61.8% of Fibonacci built on a daily chart. At present, the price penetrates a diagonal line built on the daily ascending impulse.
DeMarker's daily chart reverses over 0.7, which is also a sign of decline. At 4 o'clock we get a beacon pulse signal from AO that shows divergence.
At a lower graph of 4 hours, the head and shoulders are formed, the neckline being pierced. It is good to wait for a test on this line, which will allow us to place SL further. The price penetrates 50 SMA from top to bottom, which is a decrease signal.
Alternative scenarios: breakthrough, test, and repulsion from strong resistances will trigger multiple long positions.
SL: 1.5900
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