Head & Shoulders - Neckline Broken - Short Strength
EURUSD has broken through the ascending neckline confirming the Head and Shoulders topping pattern. Sadly this occurred without a bounce and there was no chance to short higher.
Pair appears to have stalled at horizontal support above 1.1050 and we may well get a bounce towards the (broken) ascending neckline around 1.11250. Look to sell any bounces into this region with stops above 1.2775/the top (depending on your risk tolerance trading style. Alternatively pair could remain range bound between 1.1450 and 1.1050 - do not see a break of the LT down trend at this stage.
Pair appears to have stalled at horizontal support above 1.1050 and we may well get a bounce towards the (broken) ascending neckline around 1.11250. Look to sell any bounces into this region with stops above 1.2775/the top (depending on your risk tolerance trading style. Alternatively pair could remain range bound between 1.1450 and 1.1050 - do not see a break of the LT down trend at this stage.
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