As for me personally...I won't consider it a head and shoulders reversal until it breaks down below the neckline and retests the neckline as resistance OR breaks it on a LOOOOOONG candle and closes below. So I agree...right now it's all speculation. My main point was that it was not suprising that we encountered some significant resistance at these levels. IMO...if it breaks above 1.30 or so...it will render the pattern irrelevant. I believe we could possibly be in a sideways trend for several weeks...the exception being if the pennant you spotted plays out.
As for me...I'm waiting until the pair shows some direction before getting in. I got chopped up pretty bad this past week. If that pennant plays out...the next stop is 1.35!
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