EURUSD - Watchlist - Potential Head and Shoulders
Traders,
The past week was riddled with indecision and made for an incredibly boring trade week. The market never stays stagnant for too long and it will take shape in one form or another.
EURUSD at current prices has the potential to form the 'Right' Shoulder of a Head and Shoulders reversal pattern. Please monitor this chart over the next week to month to see if it continues to develop in a favorable light.
Key Requirements Ahead:
If the Neckline does not break - there is no Head and Shoulders. The market will take form in a different manner.
Targeted Objective will be around 1.13 area if we do get a confirmed trade in the days/weeks ahead.
Good luck and stay vigilant.
The past week was riddled with indecision and made for an incredibly boring trade week. The market never stays stagnant for too long and it will take shape in one form or another.
EURUSD at current prices has the potential to form the 'Right' Shoulder of a Head and Shoulders reversal pattern. Please monitor this chart over the next week to month to see if it continues to develop in a favorable light.
Key Requirements Ahead:
- Neckline near 1.17 level MUST be broken
- Once the Neckline breaks Sell Orders are anticipated to activate near the 1.17 level
If the Neckline does not break - there is no Head and Shoulders. The market will take form in a different manner.
Targeted Objective will be around 1.13 area if we do get a confirmed trade in the days/weeks ahead.
Good luck and stay vigilant.
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