CapitalHubs

Possible EURUSD Head And Shoulders Formation

FX:EURUSD   Euro Fx/U.S. Dollar
749 5 2
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.
billy_bucks
4 years ago
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
4 years ago
It is likely that this week will see the pivot point on the downward trend
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CapitalHubs billy_bucks
4 years ago
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
4 years ago
That's right, the oscillators don't provide accurate information. But as an addition, they confirm the prediction forecast
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CapitalHubs
4 years ago
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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