H1 bearish flag in motion, though 1.22 could hinder downside
Since the beginning of the week we have been compressing within what appears to be a reasonably large falling wedge between 1.2467/1.2285. Pattern traders will also note a potential bearish flag forming between 1.2210/1.2242.
In terms of structure, 1.22 is seen nearby, with 1.2250 located above as resistance.
Interestingly, the RSI indicator is producing bullish divergence.
In terms of structure, 1.22 is seen nearby, with 1.2250 located above as resistance.
Interestingly, the RSI indicator is producing bullish divergence.
Penafian
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