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Possible EURUSD Head And Shoulders Formation

FX:EURUSD   Euro / U.S. Dollar
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The pair has already formed one shoulder and the head. If the trend line is not broken than the second shoulder would be formed, which means that the first support is around the figure neckline – 1.30 and next is down to 1.26.
Updated: It is clear that the second shoulder has been shaped after unsuccessful attempt for break above the resistance line. If 1.30 support is broken than the euro could trade for 1.27 dollars.
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In my opinion, a breakthrough line of resistance will not be. The oscillators on the daily and weekly time frames show overbought and ready to turn. At 4hour timeframe can be seen that the figure of a bull's head emerged from the shoulders to just on a daily level of resistance. Sorry for bad English :)
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billy_bucks billy_bucks
It is likely that this week will see the pivot point on the downward trend
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CapitalHubs billy_bucks
I agree with you that the oscilators are in the overbought area, however they could stay in that area for prolonged time. Still there is high probability for figure completion.
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billy_bucks CapitalHubs
That's right, the oscillators don't provide accurate information. But as an addition, they confirm the prediction forecast
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