EURUSD Head and Shoulder formation might send the pair south
Updated
EURUSD is looking to form a head-shoulder formation on the 4 hour chart. Looking at the Fibonacci retracement, price is hovering around the 50% level after rejecting the 61.8% level during NY session. I anticipate an follow-up downward movement. I'd short 1/3 of my position right now, 1/3 after the breakout below the neckline (resistance level at 1.15300) and 1/3 on potential pullback-and-hold after the breakout. Stop loss is about the right shoulder high.
Comment
USD selling pressure forces price to go up and retest the 61.8 fib level. If price holds and forms a triple tops, I'll add to my shorting position.Trade active
In profit. Watching for the 1.15300s levelTrade closed manually
Didnt passed the neckline.
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