Chris4XTrading

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.

Comments

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.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out