Possible H&S formation on Daily EURUSD?
Updated
After FOMC Discussions and strength on DXY yesterday evening (UK Time) I seem to believe that EURUSD is forming a Head and Shoulder pattern on the daily timeframe . This could mean short positions coming into play. With 2 wicks now testing a key level at 1.20600, and the third not being able to make it that high, I do believe we could be seeing imminent downside moves, possible by the end of this week.
Also to consider the Daily MA's both sit above current candlestick .
I will look for a break of the neckline of the H&S before entering any positions however I believe shorts will come into play from 1.9500.
Also to consider the Daily MA's both sit above current candlestick .
I will look for a break of the neckline of the H&S before entering any positions however I believe shorts will come into play from 1.9500.
Note
Revision: I will look for a break of the neckline of the H&S before entering any positions however I believe shorts will come into play from 1.19500.*missed the 1 from 1.19500
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