A head and shoulders pattern appears to have formed on the EUR/USD H1 timeframe. (Illustrated with L/H/R annotations)
The neckline of this pattern rests on the 1.18 psychological level. I believe, upon breaking this we should see a push down to the July-November swing low at around the 1.16 psychological level. EURUSD appears to be respecting these levels very well as I have noted on my chart.
Waiting for a clean break of the 1.18 with some strong selling momentum to confirm continued bearishness. Fundamentals this week will likely be the catalyst if so.
Stops can be placed above the right shoulder - great R:R on this nice potential swing trade!
The neckline of this pattern rests on the 1.18 psychological level. I believe, upon breaking this we should see a push down to the July-November swing low at around the 1.16 psychological level. EURUSD appears to be respecting these levels very well as I have noted on my chart.
Waiting for a clean break of the 1.18 with some strong selling momentum to confirm continued bearishness. Fundamentals this week will likely be the catalyst if so.
Stops can be placed above the right shoulder - great R:R on this nice potential swing trade!