Get started
thxndi

Possible H&S formation on Daily EURUSD?

Short
Euro / U.S. Dollar (FX:EURUSD)  
thxndi Updated   
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis Head and Shoulders Chart Patterns EURUSD eurusdshort short shortsetup analysis FOMC Forex
4
0
trendanalysis headandshoulders chartpattern eurusd eurusdshort short shortsetup analysis fomc forex
After FOMC Discussions and strength on DXY yesterday evening (UK Time) I seem to believe that EURUSD is forming a Head and Shoulder pattern on the daily timeframe . This could mean short positions coming into play. With 2 wicks now testing a key level at 1.20600, and the third not being able to make it that high, I do believe we could be seeing imminent downside moves, possible by the end of this week.

Also to consider the Daily MA's both sit above current candlestick .

I will look for a break of the neckline of the H&S before entering any positions however I believe shorts will come into play from 1.9500.
Comment:
Revision: I will look for a break of the neckline of the H&S before entering any positions however I believe shorts will come into play from 1.19500.

*missed the 1 from 1.19500
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.