The daily chart shows we have a potential H&S pattern forming at the moment. Since the fall of this pair in 2020, we were in a rising channel and now faced strong resistance at the 0.80 level.
2 ways to trade: if it turns into a H&S pattern and breaks the neckline, we can short it to 0.74 as 1st target. Or wait for the break of 0.80 to buy again. Currently is it best to wait for FED decision on Wednesday as Powel will outline their policy and projections for the economy and USD. Not much movement is expected unless some information gets out prematurely.
Good Luck!
2 ways to trade: if it turns into a H&S pattern and breaks the neckline, we can short it to 0.74 as 1st target. Or wait for the break of 0.80 to buy again. Currently is it best to wait for FED decision on Wednesday as Powel will outline their policy and projections for the economy and USD. Not much movement is expected unless some information gets out prematurely.
Good Luck!