Is the Euro Forming Head & Shoulders?
Updated
I have always believed that technical analysis is like art.
Trade what you see regardless of what we hear on the news.
Of course fundamentals do play into alot of market reaction. But I am truly a believer that the charts always tell a story. The story that I see is the dollar keeps trying to bottom and the Euro keeps trying to top. Price has already closed below the neckline 1.2050 but then reversed fast and is heading up again. I believe the line in the sand is 1.2188 if we get a daily close above that level then I believe the uptrend has resumed. I will be watching that level closely because if it can't break above it then I will stay short this currency all the way to bank!
Picking tops is never easy but Head & Shoulders normally has a 90% chance of being a successfull formation.
Trade Well,
Clifford
Trade what you see regardless of what we hear on the news.
Of course fundamentals do play into alot of market reaction. But I am truly a believer that the charts always tell a story. The story that I see is the dollar keeps trying to bottom and the Euro keeps trying to top. Price has already closed below the neckline 1.2050 but then reversed fast and is heading up again. I believe the line in the sand is 1.2188 if we get a daily close above that level then I believe the uptrend has resumed. I will be watching that level closely because if it can't break above it then I will stay short this currency all the way to bank!
Picking tops is never easy but Head & Shoulders normally has a 90% chance of being a successfull formation.
Trade Well,
Clifford
Note
This formation has now completed! New update coming later today.
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