There are some amazing setups forming on the charts, here we have EUR/USD on the 4h chart with an inverted head and shoulders pattern.
The right shoulder formed at the 0.618 retracement which is excellent as the pattern as a whole generally holds a better structure in this situation.
The neckline is bang on a key resistance level, closing above this would provide additional confirmation to go long.
BUT price could stall out on resistance and sell-off back down to the right shoulder since it is a pivot point in the market.
I'll be looking for extra validation indicating long or short in the near future.
I hope you all have a great weekend!
The right shoulder formed at the 0.618 retracement which is excellent as the pattern as a whole generally holds a better structure in this situation.
The neckline is bang on a key resistance level, closing above this would provide additional confirmation to go long.
BUT price could stall out on resistance and sell-off back down to the right shoulder since it is a pivot point in the market.
I'll be looking for extra validation indicating long or short in the near future.
I hope you all have a great weekend!
Note
Below is a bullish cypher pattern on the 1h chart, it could potentially be shorted all the way down to the D point before buying around 1.05800.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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.