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LewisGlasgow
Mar 17, 2017 9:48 AM

EUR/USD - Inverted Head and Shoulders 

FX:EURUSD240
Euro Fx/U.S. DollarFXCM

Description

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There are some amazing setups forming on the charts, here we have EUR/USD on the 4h chart with an inverted head and shoulders pattern.

The right shoulder formed at the 0.618 retracement which is excellent as the pattern as a whole generally holds a better structure in this situation.

The neckline is bang on a key resistance level, closing above this would provide additional confirmation to go long.

BUT price could stall out on resistance and sell-off back down to the right shoulder since it is a pivot point in the market.

I'll be looking for extra validation indicating long or short in the near future.

I hope you all have a great weekend!

Comment

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Below is a bullish cypher pattern on the 1h chart, it could potentially be shorted all the way down to the D point before buying around 1.05800.

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Comments
Nurhun
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hey, have you decided your destination yet ?
LewisGlasgow
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@nour-a, Euro is gaining strength, I expect price to keep pushing up to complete a harmonic pattern on the daily timeframe.
Nurhun
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@lewglasgow, I agree with you
LewisGlasgow
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@nour-a, thank you!
Nurhun
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@lewglasgow, you welcome and good luck :)
Nurhun
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nice chart ... I think the key price will be over 1.0830, then we need to wait and see if it would breakout the trend and go further for 1.1240 OR go down according to bearish bat pattern !!

Have a nice weekend guys ...
LewisGlasgow
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@nour-a, I agree 100% but I don't think we will know until Sunday/Monday, short seems logical as price is hitting daily resistance.

Anyway enjoy your weekend :)
MMooijekind
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nice post!

I am now short on that because of the divergence and also because there is no momentum in the uptrend!
Keep in touch, have a nice week end buddy!
LewisGlasgow
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@MMooijekind, looking at a short position myself :)

Definitely! Enjoy your weekend mate, talk soon.
MMooijekind
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@lewglasgow, yeah definitly!
Have a nice week end!
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