seems to have tested at 124.7 and bounced at this support. Since then we've bounced back and particular today the rise been significant ( Euro
news!). The larger time frames, 15min, 1hr, 2hr, 4hr and even daily charts
are forming what seems to be a strongly followed H + S pattern. Ive not watched this pair as much as the USD/JPY
but for now im feeling a fairly small equity amount in long position with low leverage and fairly flexible SL's. If the neckline is to hit around the 128 region I would possibly add to positions on the right shoulder draw down as the pattern would be more likely valid.
The news surrounding Italy and a possible exit on the Euro
zone has caused a tumble in the Euro
. TA is brilliant but news like this just sends everything out the window!
So always be careful, hope this at leasts provides some idea.
Constructive criticism and feedback always welcome, if you like the idea then share the love! Thanks