Potential Head & Shoulders pattern

FX:EURUSD   Euro / U.S. Dollar
95 1
The safe havens such as the Euro/ Yen and Gold have come into play early 2016 and this looks to continue as we enter a bear market on indices.

The Euro has been doing well and looks to continue. A potential H&S patter has formed on the 4HR chart and with a relatively straight neckline, I will place pending buy orders when price breaks this line as confirmation to resume a target of a missed pivot .

Coincidentally, back in Nov 15, there was a Weekly / Monthly Pivot at roughly the same price (Usually a good target area for either S/R) which I favor as my profit taking. This would imply the EURUSD would be rallying back up to 1.113 area.

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Related Ideas

Note: Today the ECB will also announce any monetary policy changes and this may either aid or happen the Euro, so before trading, use pending orders rather then early entries (confirmation that a rally is on) and remember to trade small and use good MM!
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