Captain_Walker

EURUSD fell out - is that a head and shoulders?

FX:EURUSD   Euro / U.S. Dollar
EURUSD fell off a ledge today. In retrospect, I think there was possibly a head and shoulders in there. If so, this could get even more interesting.

I'd be delighted to hear from H&S experts out there.
making mistakes is important and we always improve, regardless. but looking at the chart, it never really reached top resists line, which is showing lower highs and at a downward angle
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I wouldn't get sold on looking for any special pattern here, you can see similar on GBP/AUD. It's a consolidation pattern on an up-trend, a range with an uptrend bias. The most important aspect is the consistent rejection of the highs, each time becoming lower, showing a lower high with the slowly declining baseline holding support. To trade it, I'd be buying the lows and selling the highs of the range, as I have been, and I have done the same on GBP/AUD. You're going to do well from the range, and hopefully will also catch the breakout, I did because I held 50% of the profits from the last high and saw that buying volumes were not corresponding on the final baseline low, hope that helps.
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