EURUSD: 4h Forming Head and Shoulder
Updated
The right shoulder is not complete yet but I expect it to be a double top before it moves to 1.08234 which is a neckline area which coincide with the daily S2 support and Fibonacci extension of 1.414. On the way down to this support ,I expect a bounce at the 1.8077 - 1.8084 area before a short lived rally to the daily pivot of 1.0912 and after which I expect it to continue to a support of 1.08234. The market could also begin with a gap as the market had not reacted to the unemployment claims yet.
There is a harmonic pattern that is forming on the right shoulder as well but could not put it since the chart will be too messy.
There is a harmonic pattern that is forming on the right shoulder as well but could not put it since the chart will be too messy.
Note
The 1.8077 - 1.8084 area, I meant is 1.0877 - 1.0884, I keep on putting these zeros in the wrong places. If keep on repeating these mistakes I will only mention prices on the chart itself.Trade closed: target reached
The target of 1.0823 was reached and it would be a good idea to start looking for long opportunities as the rest of the year is forecasted to be long as stated in my other EURUSD 2016 - 2017 Long term Forecast idea 
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