Updated: Jun 2, 2020
Daily Time Frame: Starting on the daily we can see price show long wick rejection to the downside in confluence with the inverted head and shoulders formation. Notice how price came down to test 107.000 psychological support in confluence with our moving average.
4Hr Time Frame: Scaling down we can see how price reacted from the 107.000 daily psychological support. Notice how strong the bullish engulfing candle was. If price manages to pullback to 107.500 look to buy this to 108.000 and then 109.000. However, if price breaks 107.500 look to sell it down to 107.000. Due to the uncertainty of market fluidity, risk management is highly recommended.