EURUSD just broke the neckline of a head and shoulders pattern. Pair is also pivoting off a yearly and quarterly pivot point cluster. Only obstacle is the yearly pivot level, if that breaks, I expect the head and shoulders measured move to happen which will also fill the GAP many FX brokers have on their charts. Yearly pivot could act as a pullback area to the neckline.
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Head and shoulders invalidated.Note
Pair is back into the resistance level where allot of stops were sitting for those trying to catch the head and shoulders pattern. Mine was there too. Look for how price reacts at this level. Pair can still head down or break through the level. Resistance will then turn to support.
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Trade active as level broke for the downside.Note
I have closed this trade for a small profit as the structure is changing. I am now bullish the pair as pressure has been more to the upside.Note
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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.