EURUSD: 4h Forming Head and Shoulder

FX:EURUSD   Euro / U.S. Dollar
The right shoulder is not complete yet but I expect it to be a double top before it moves to 1.08234 which is a neckline area which coincide with the daily S2 support and Fibonacci extension of 1.414. On the way down to this support ,I expect a bounce at the 1.8077 - 1.8084 area before a short lived rally to the daily pivot of 1.0912 and after which I expect it to continue to a support of 1.08234. The market could also begin with a gap as the market had not reacted to the unemployment claims yet.

There is a harmonic pattern that is forming on the right shoulder as well but could not put it since the chart will be too messy.
Comment: The 1.8077 - 1.8084 area, I meant is 1.0877 - 1.0884, I keep on putting these zeros in the wrong places. If keep on repeating these mistakes I will only mention prices on the chart itself.
Trade closed: target reached: The target of 1.0823 was reached and it would be a good idea to start looking for long opportunities as the rest of the year is forecasted to be long as stated in my other EURUSD 2016 - 2017 Long term Forecast idea
Nice view, interesting!
Target 1.2050 for 2 months later
stream IlyasBusraCabuk
I am sorry , my mistake ... 1.12 is a resistance ..for now .. eu is going down .. to 1.000..after break will go up for confirmation

but not before that .. rejection is obvious ..
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I cant see any better entry for short
It will have to go down first before going up, If you put on your ichimoku cloud on you will see that it broke through the cloud on the 9th and on the 10th encountered the resistance 1.1005 - 1.1121 area and has to rebound to another Fib support zone which coincide with the cloud on a daily chart. The move from Dec 03 to Dec 15 could be Wave 1 and the right shoulder will be Wave 2 broken into A,B,C of which we are beginning wave C which should pierce the cloud and break the neckline before finding power to go up. On the Dec 18th it turned before piercing a major support area and missed it by just 15 pips that is why I am convinced that it must go back to the true support before rallying up. If you put your short order at 1.0879 you are good for a safe 70 pips to the downside, because it would have broken an upward trendline and a 100 pips if you have the stomach for it.
stream kwaziphungula
Thank you .. I have already a short .. I expect going down .. .. 1.069 is my target . .Would you take a look of my latest idea ? I will apreciate
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like i said I have a short , to 1.069
If you draw a trend line from the spike that touched your red line and connect it to the high on the 22nd you will find that the current prices are just about touching that trend line offering a resistance and most oscillators are reaching over bought conditions there is no foreseen momentum that can cause the shift you expect as far as fundamentals are concerned. The unemployment claims were ok but not too far from expectation which I expect at least to cause the EURUSD to complete part of the leg of the head and shoulder to 1.0723. There is support around 1.0883 I agree and I noted that in my commentary but I do believe it is mid way support and not the change of trend support. I do stand to be corrected, however this is my analysis thus far. Where I agree with your direction and analysis is if after bouncing back from the levels mentioned it breaks 1.1059 then it will be going for the 1.1616 - 1.1760 area.
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