EURUSD - H&S FORMING? - POTENTIAL SHORT SETUP
EURUSD seems to be constructing a very nice head and shoulders pattern, the market in general is biased to the downside which is why I believe this pair will eventually hit 1.475-1.15.
The trend on the 4hr TF is still in tact so we may get a retest of this level before making a move south, my stops are set accordingly if this pair decides to rally.
We hit 78.6 (1.168) on our fib level and have began retracing back, this is not to say price will definitely come back down but does support the thesis of a continued downtrend.
The trend on the 4hr TF is still in tact so we may get a retest of this level before making a move south, my stops are set accordingly if this pair decides to rally.
We hit 78.6 (1.168) on our fib level and have began retracing back, this is not to say price will definitely come back down but does support the thesis of a continued downtrend.
Trade active:
Sell stop order triggered. Target 1.153
Comment:
I have noticed that we could also form a double top, my stop loss is at 1.1725, tp is the same.