Possible head and shoulders forming

FX:EURUSD   Euro / U.S. Dollar
For a long time I've been Bear-biased on EURUSD , but it seems that we might just have a head and shoulder forming within the triangle.

Possible trading options would be to buy low @ 1.16500 or sell high @ 1.19000. Both require patience and a good entry point.

For the buy:
TP1: 1.17600
TP2: 1.19500
SL: 1.15700

For the sell:
TP1: 1.17600
TP2: 1.15000
SL: 1.19500
Comment: Scenario #!:
Small movement, short term, ranging downwards.

Comment: Scenario #2:
Large movement, long term, completion of overall head and shoulders pattern.
Comment: Either way, I believe we can expect price action towards 1.17600.

NFP day tomorrow might just catalyze the whole process.
Comment: 38.2 Fibo line not broken. Scenario #1 more possible
Comment: 1.17660 reached. Bearish movement inbound if the market plays along.

Comment: Bearish movement confirmed.
Comment: Nice quick 40 pip downwards move from EURUSD. Looks like the currency is right on track for the head and shoulders. Next-up; Draghi speaks.
Comment: Very decent 100 pip move down to the support level.

Comment: Price currently testing old support/new resistance,
Two possible scenarios to follow:
Trade active:
Trade closed: target reached: First target reached! Confirmation of first shoulder.


This looks very possible. We got Draghi speaking @ 15h:00 and 17h:00 (CAT) today.
+1 Reply
Chris4XTrading waynepipkill
@waynepipkill, looks like Mr Draghi didn't do much to help his suffering economy. Long live USD.
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