TradingElephant

EUR Reversal Incoming

FX:EURUSD   Euro Fx/U.S. Dollar
While observing the EUR/USD             chart, I noticed the incredible BULLISH market structure, with the higher highs and higher lows consistently moving the market up. I also noticed two possible patterns in the making while looking at the chart. The first pattern I noticed was the Head & Shoulders pattern, shown by in the chart. This pattern consists of three major high points, where the middle high is the tallest, and the other two are the same height. The result of this pattern is that the price will reverse down to a price level equivalent to the distance from the "head" to the baseline. The second reversal pattern I noticed beginning to form is a Three Drivers Pattern. This pattern calls for three major high points, each consecutive high being higher than its successor. The highest point of this pattern is indicated by an equal distance between each rise. I've also used a resistance line from the past, indicated with the long which lines up with this pattern. Both patterns indicate a reversal after either of these patterns become fulfilled.
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