chartwatchers
Long

EurUsd - Updated outlook

FX:EURUSD   Euro / U.S. Dollar
In a previous idea I already suggested to long EurUsd .

It's still forming the basing pattern after the 2018 drop . Today we arrived to an important support zone again at 1.1514.
If you watch the chart carefully we have two H&S pattern . The first one formed after the 2017 EURUSD rally (red) and the second one after the 2018 decline (blue).

I have a serious problem with the red one. First it looked like a cup and handle continuation pattern . At the end of May 2018 we started to rally out of the pattern. The rally stopped and we tagged the magical 1.1514 again. Then a rally started again at the end of June and there was a serious chance that we are going to have a H&S pattern. But the right shoulder didn't have enough time to build up correctly and the pattern broke down without a proper right shoulder. That was a problem
because right now it seems we have a false breakdown in the red H&S pattern and it became the head of the blue H&S .

Today we printed the second right shoulder of the inverted blue H&S pattern and it seems we are ready to rally.
All we need to break above 1.18 and activate the blue inverted Head & Shoulders .

We are starting to have more overbought tag in the RSI ... I think the bottom is behind us.
Oct 04
Comment: This is always the same. When I made this call technicality the bottom was in.But they run the stops of the technical traders last night. So now the path is clean.
Oct 04
Comment: * technically
xrpusd stage 2 of the pump incoming, buy dips soon. up to 50% upside. will re-test local highs. good luck, traders!
Reply
Good job, thanks :)
Reply
3hr showing death x to come (MA50 x MA233), also MA 77 x MA100.
Reply
@MeSang, What do you mean?
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