FX:EURUSD   Euro Fx/U.S. Dollar
1486 12 57
Most important thing one should note in this chart is not the decorations of patterns, lines & labels..... The important thing in this chart is horizontal level 1.1670-1770 level, which is very significant. If it breaks above that with significant momentum then it has all the chance to visit 1.4000 handle & if it stay below & drops then it will test 0. 8750             handle.
Very good spot but as with all patterns it's only confirmed once it's formed and almost complete. Same with this H&S. There are a lot of times where the price just ignores the H&S structure and goes about it's business. You can't ignore the very bullish price action of March. That gave us a close above 1.13 level for the first time in well over a year.
However, in this case, I can see it really happening and going back to at least 1.07 after this test if the resistance. As long as we don't go above 1.17-1.18 this pair is bearish in the long term (monthly view).
+1 Reply
FxSaint _VincentP_
Yes, you are right to certain degree when you say pattern doesn't work as much as people believe it does. But the important factor in trading is not just patterns, levels, fundamentals etc... trading is combination of many things which is not easy to explain here in comment. And I m not qualified enough to comment on trading principals / patterns / technical & fundamental. I try to trade with my limited knowledge.
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_VincentP_ FxSaint
Of course. I was merely commenting on the H&S highlight on the chart and how that is basically a nice extra. As you mention yourself in the first part of your comment.
The main point is the resistance zone as you state and which I confirm in the last part of my comment. This month could proof to be interesting. If we stay lower and even form a nice bearish candle that goes to like 1.12 region we could see a continuation of this bearish move to 1.08 and 1.07.
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FxSaint Dr.Forex
I m humbled by your comment, but I think its too exaggerated since I m not best here. Thanks !
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FxSaint alex4xes
Thank you for the compliment sir.
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Makes sense.
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FxSaint IvanLabrie
Thanks Ivan
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nice one!
+1 Reply
FxSaint VladimirRibakov
Thanks Vladimir
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short eu

Look my chart man:)
+1 Reply
I agree that this is a key level on EURUSD
+1 Reply
FxSaint FxLester
Thank you FxLester for your comment
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