Short

POTENTIAL HEAD AND SHOULDERS ON EUR/USD

Updated

The rate has formed something of a head and shoulders pattern on the 4H chart at the long term massive triangle resistance.

I am looking for break of the two-and-a-half long rising trendline and the pattern's neckline below 1.1160 to enter new short positions.

Such a break should trigger a drop to short term target at 1.1000 with a potential move towards the medium term target around 1.0800.

A weekly close above the June highs above 1.1300 is needed to invalidate my bearish bias on the pair.

Note

Trade taken

TradeItSimple

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