justatrader
Short

EURUSD - Rising Wedge and a Right Shoulder

FX:EURUSD   Euro / U.S. Dollar
The recent rally in EURUSD             has morphed into a rising wedge pattern with the H4 forming an inside bar. A break out from the IB's low set up of 1.12224 could see further declines.

The Head and Shoulders neckline support is seen at 1.1140 - 1.1120. A breakout below this could see the declines extend to 1.100 (round off from 1.098 - 1.096).

Short positions on breakout below 1.12224 with stops at 1.12570 offers a favorable set up with targets at 1.1180 (for the rising wedge ), 1.1140 (neckline support) and 1.10 (min. target of the head and shoulders pattern)
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