This is currently one of my favorite forex setups. We have a massive head and shoulders which have just broken below it's neckline (closely coinciding with the Weekly 100 SMA). And as an added bonus we are also now trading below the Yearly Pivot. Initial targets seems to be in the vicinity of the Weekly 200 SMA @ 82.204 with the possibility of a test of the YS1 @ 80 also a strong possibility.
Trade active:
This Head and Shoulders is still active and will remain valid as long as price does not take out the high of the right shoulder @ 92.95. We have now seen possible rejection from the Weekly 50SMA and once price gets back below the YP the decent to the HnS target could likely get underway.
